GST: History, Implementation and Taxation Framework Quiz

Question 1

What type of tax is GST (Goods and Services Tax) in India?

Accepted Answer

Indirect tax

Answer

Property tax

Answer

Income tax

Answer

Direct tax

Question 2

When was GST implemented in India?

Accepted Answer

1st July 2017

Answer

1st January 2017

Answer

1st April 2017

Answer

1st October 2017

Question 3

Which committee was formed to formulate the GST model?

Accepted Answer

Committee of IG Patel, Bimal Jalan and C Rangarajan

Answer

Pranab Mukherjee's Committee

Answer

Arun Jaitley's Committee

Answer

Atal Bihari Vajpayee's Committee

Question 4

What problem does the 'One Nation, One Tax' feature of GST solve?

Accepted Answer

Cascading tax (tax on tax) problem

Answer

Reduction in export tax

Answer

Change in state tax

Answer

Increase in import tax

Question 5

In which year did the Lok Sabha pass the GST Constitution Amendment Bill?

Accepted Answer

2016

Answer

2014

Answer

2017

Answer

2015

Question 6

What is a major benefit of GST for businessmen?

Accepted Answer

Removal of cascading tax

Answer

Reduction in production

Answer

Restriction on exports

Answer

Increase in imports

Question 7

On which date did the Rajya Sabha pass the GST bills?

Accepted Answer

6th April 2017

Answer

1st July 2017

Answer

12th April 2017

Answer

29th March 2017

Question 8

What is the expected growth in GDP due to GST implementation?

Accepted Answer

1-2%

Answer

7-8%

Answer

3-4%

Answer

5-6%

Question 9

What is the mechanism to improve tax compliance in GST?

Accepted Answer

Input tax credit mechanism

Answer

Export assistance scheme

Answer

Import restriction policy

Answer

Production subsidy program

Question 10

When did Jammu and Kashmir pass its GST Act?

Accepted Answer

7 July 2017

Answer

1 July 2017

Answer

12 April 2017

Answer

6 April 2017

GST: History, Implementation and Taxation Framework

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