Which of the following taxes has NOT been subsumed under GST? MCQ with Answer and Explanation

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Which of the following taxes has NOT been subsumed under GST?

A. Service Tax

B. Basic Customs Duty

C. State VAT

D. Central Excise Duty

Answer: Option B

Solution (By JKSSB Mock Tests)

Basic Customs Duty has not been subsumed under GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is NOT a type of bank in the Indian banking system?

A. Shadow banks as scheduled commercial banks

B. Cooperative banks

C. Regional Rural Banks

D. Commercial banks

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Correct Answer: Option A

Explanation:
Shadow banks (NBFCs engaged in credit intermediation) are not scheduled commercial banks. The formal banking system includes commercial banks, cooperative banks and RRBs.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a component of India's foreign exchange reserves?

A. SDRs

B. Foreign direct investment

C. Gold

D. Foreign currency assets

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Correct Answer: Option B

Explanation:
FDI is a capital flow, not a component of foreign exchange reserves.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the Indian fiscal federalism?

A. Absence of any sharing of taxes

B. Complete centralisation of all taxes

C. Only states collect all major taxes

D. Division of tax powers between Centre and States with Finance Commission recommendations

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Correct Answer: Option D

Explanation:
Indian fiscal federalism involves constitutional division of tax bases between the Centre and States, with the Finance Commission recommending the sharing of divisible taxes and grants.

This question belongs to: Economy GK Economy Set 1

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