The term 'revenue-neutral rate' in GST context means a rate that: MCQ with Answer and Explanation

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The term 'revenue-neutral rate' in GST context means a rate that:

A. maintains the same revenue collection as pre-GST indirect taxes

B. maximizes tax revenue

C. only applies to direct taxes

D. eliminates all taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

Revenue-neutral rate is the GST rate that preserves the existing indirect tax revenue.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'consumer price index' for rural and urban areas separately is compiled by:

A. Ministry of Finance

B. RBI

C. National Statistical Office

D. Labour Bureau

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Correct Answer: Option C

Explanation:
CPI-Rural and CPI-Urban are compiled by the NSO.

This question belongs to: Economy GK Economy Set 1

Question #2

A payment bank in India can accept demand deposits up to a maximum of:

A. Rs 50,000

B. Rs 2 lakh

C. Rs 5 lakh

D. Rs 1 lakh

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Correct Answer: Option D

Explanation:
Payment banks can accept demand deposits up to Rs 1 lakh per customer.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Composition Scheme' under GST is available for goods suppliers with turnover up to:

A. Rs 5 crore

B. Rs 10 crore

C. Rs 1.5 crore

D. Rs 40 lakh

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Correct Answer: Option C

Explanation:
Composition scheme for goods is available up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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