Which of the following is a feature of the Indian tax system after the introduction of GST? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is a feature of the Indian tax system after the introduction of GST?

A. Persistence of multiple cascading taxes

B. Complete elimination of all state-level taxes without dual structure

C. Only origin-based taxation

D. A unified destination-based tax on goods and services with input tax credit mechanism

Answer: Option D

Solution (By JKSSB Mock Tests)

GST replaced a large number of cascading central and state taxes with a unified destination-based tax that permits seamless input tax credit.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

Which of the following is a non-tax revenue receipt for the central government?

A. Corporate tax

B. Income tax

C. Dividends from public sector enterprises

D. GST

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Dividends from public sector enterprises are non-tax revenue receipts.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:

A. 12%

B. 18%

C. 28%

D. 5%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Hotel rooms above Rs 7,500 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

Interest payment on government debt is classified as:

A. plan expenditure

B. revenue expenditure

C. capital expenditure

D. non-tax revenue

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Interest payment on debt is a recurring revenue expenditure.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs