Which of the following is a characteristic of the Indian tax structure post-GST? MCQ with Answer and Explanation

Question
Which of the following is a characteristic of the Indian tax structure post-GST?
A. Origin-based taxation without input credit
B. Destination-based consumption tax with input tax credit
C. Only central taxes without state participation
D. Multiple cascading taxes on the same value addition
Answer: Option B
Solution (By JKSSB Mock Tests)
GST is a destination-based consumption tax that allows seamless input tax credit, thereby eliminating cascading and creating a unified market.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' on a transaction is payable by the:
A. government
B. buyer always
C. GST Council
D. supplier, except under reverse charge
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Correct Answer: Option D

Explanation:
Generally the supplier pays GST, but under reverse charge the recipient pays.
This question belongs to: Economy GK Economy Set 1
Question #2
A carbon tax is a tax on:
A. electricity consumption only
B. all imports
C. emissions of carbon dioxide or carbon content of fuels
D. renewable energy
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Correct Answer: Option C

Explanation:
A carbon tax is levied on carbon emissions or the carbon content of fossil fuels.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a feature of imperfect competition?
A. Product differentiation
B. Selling costs
C. Perfect knowledge
D. Few or many sellers with some control over price
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Correct Answer: Option C

Explanation:
Perfect knowledge is a feature of perfect competition. Imperfect competition is characterised by product differentiation, selling costs and some degree of price control by sellers.
This question belongs to: Economy GK Economy Set 1
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