Goods and Services Tax

Q. What was the motto of the Goods and Services Tax?

1. Tax on every good and service
2. More goods, more taxes
3. One Nation, One Government, One Tax
4. One Nation, One Tax, One Market

Q. Which of the following is/are not a tax slab of the Goods and Services Tax?

1. 5%
2. 12%
3. 24%
4. 38%

Q. Identify the products that are exempted from GST.

1. Movie tickets
2. Vegetables
3. Food grains
4. Gold

Q. Analyse the following statements and choose the correct option.

Assertion (A): Several indirect taxes were merged into one tax, the Goods and Services Tax.
Reasoning (R): There are various types of indirect taxes which makes it difficult to manage them and they increase the price of goods and services excessively.

1. Both A and R are true, and R is the correct explanation of A.
2. Both A and R are true, but R is not the correct explanation of A.
3. A is false, but R is true.
4. A is true, but R is false.

Q. Rahul bought a ticket for ₹200 plus 5% tax for a movie that was released in 2020. Identify the tax he would be paying.

1. Indirect tax
2. Direct tax
3. Entertainment tax
4. Goods and services tax

Q. On 1 July 2017, several of the indirect taxes were merged together to form the Goods and Services Tax. Identify the problems with indirect taxes.

1. Difficulty in managing different kinds of taxes
2. Less revenue
3. Increase in the final prices of goods and services
4. Decrease in the final prices of goods and services

Q. The government merged all types of taxes into the tax.

1. direct
2. indirect
3. goods and services
4. sales and services