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

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Which of the following is a characteristic of the Indian tax structure post-GST?

A. Only central taxes without state participation

B. Origin-based taxation without input credit

C. Destination-based consumption tax with input tax credit

D. Multiple cascading taxes on the same value addition

Answer: Option C

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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Question #1

In the context of demand theory, the law of demand may not hold for:

A. Necessary goods with elastic demand

B. Normal goods

C. All inferior goods without exception

D. Giffen goods and Veblen goods

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Correct Answer: Option D

Explanation:
Giffen goods (strong negative income effect) and Veblen goods (prestige value rising with price) are exceptions to the law of demand.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'World Bank' headquarters is in:

A. Geneva

B. Washington D.C.

C. Paris

D. New York

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Correct Answer: Option B

Explanation:
World Bank headquarters is in Washington D.C.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sarva Shiksha Abhiyan' was launched in:

A. 2005

B. 2001

C. 2010

D. 1995

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Correct Answer: Option B

Explanation:
Sarva Shiksha Abhiyan was launched in 2001.

This question belongs to: Economy GK Economy Set 1

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