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. Central Excise Duty

B. Basic Customs Duty

C. Service Tax

D. State VAT

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

Balance of Trade refers to the difference between:

A. capital inflows and outflows

B. exports and imports of goods and services

C. exports and imports of goods only

D. foreign exchange reserves and gold

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Correct Answer: Option C

Explanation:
Balance of Trade is the difference between a country's exports and imports of goods only.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Credit Guarantee Fund Trust for Micro and Small Enterprises' provides guarantee cover to banks for loans to MSMEs.

A. False

B. True

C. Only for foreign companies

D. Only for large enterprises

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Correct Answer: Option B

Explanation:
CGTMSE provides credit guarantee to banks for loans to micro and small enterprises.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Statistical Office' was formed by merging:

A. Labour Bureau and NSSO

B. CSO and NSSO

C. RBI and SEBI

D. CSO and Labour Bureau

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Correct Answer: Option B

Explanation:
NSO was formed by merging Central Statistics Office and National Sample Survey Office.

This question belongs to: Economy GK Economy Set 1

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