Economics is a study of the usage of resources and how valuable we can make that resources under distinct captivity. It involves an intense study of production, distribution, and consumption of goods and services.
In economics, Goods and Services Tax or GST is one of the important subjects. It gives an insight about tax that is implemented to the price of goods and services. The company includes GST to the cost of goods, and a buyer who purchases the goods pays the cost price with the GST.
Given below are important MCQs on GST to analyze your understanding of the topic. The answers are also given for your reference.
Goods and Services Tax MCQs
1. What is the full form of GST?
A) Goods and Supply Tax
B) Goods and Services Tax
C) General Sales Tax
D) Government Sales Tax
2. GST was implemented in India from
A) 1st January 2017
B) 1st April 2017
C) 1st March 2017
D) 1st July 2017
3. In India, the GST is a dual model of
4. GST is a consumption of goods and service tax based on
5. India’s GST structure are based on how many structures?
6. The maximum rate for CGST is?
7. The maximum rate for SGST/UTGST is?
8. The maximum rate for SGST/UTGST is?
9. Which code is used to classify goods and services under GST?
A) HSN Code
B) SAC/HSN Code
C) GST Code
D) SAC Code
10. What does “I” in IGST stands stand for?
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