The 'Union Territory GST' is applicable in union territories that do not have: MCQ with Answer and Explanation

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The 'Union Territory GST' is applicable in union territories that do not have:

A. a governor

B. a high court

C. their own legislature

D. a police force

Answer: Option C

Solution (By JKSSB Mock Tests)

UTGST applies in union territories without legislature, alongside CGST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The Reserve Bank of India was established in 1935 under the:

A. Reserve Bank of India Act, 1934

B. Companies Act, 1956

C. Banking Regulation Act, 1949

D. Negotiable Instruments Act, 1881

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Correct Answer: Option A

Explanation:
The RBI was established under the Reserve Bank of India Act, 1934.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'depreciation' in national accounting is also called:

A. capital consumption allowance

B. transfer payment

C. net investment

D. factor income

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Correct Answer: Option A

Explanation:
Depreciation is also known as capital consumption allowance.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on sale of used goods is:

A. 0%

B. levied on margin

C. 28%

D. 18%

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Correct Answer: Option B

Explanation:
GST on used goods is levied on the margin for registered dealers under the margin scheme.

This question belongs to: Economy GK Economy Set 1

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