Banking Awareness Quiz – Set 187

Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

1. GST was introduced as The Constitution ________ Amendment bill 2016
   A. 122
   B. 114
   C. 121
   D. 118
   E. None of these
   
   Answer & Explanation

   A. 122
   Explanation:
   GST was introduced as The Constitution 122 Amendment bill 2016
   
   
2. The Chairman of GST council is  _______
   A. Finance Minister
   B. Finance Secretary
   C. Home Minister
   D. Minister of Commerce
   E. None of these
   
   Answer & Explanation

   A. Finance Minister
   Explanation:
   The Chairman of GST council is Finance Minister.
   
   
3. GST is expected to be applicable from __________
   A. October 31, 2017
   B. August 31, 2017
   C. July 31, 2017
   D. June 30, 2017
   E. July 01, 2017
   
   Answer & Explanation

   E. July 01, 2017
   Explanation:
   GST is expected to be applicable from July 01 2017
   
   
4. The reform process in indirect tax regime of India was started in 1986 by ______
   A. Satish Chandra
   B. Vishwanath Pratap Singh
   C. V. Raghunathan
   D. J.S. Garewal
   E. None of these
   
   Answer & Explanation

   B. Vishwanath Pratap Singh
   Explanation:
   The reform process in indirect tax regime of India was started in 1986 by Vishwanath Pratap Singh.
   
   
5. Which of the following taxes will be bound together by the GST?
   A. Central Excise Duty
   B. Service Tax
   C. Commercial Tax
   D. Value Added Tax (VAT)
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   The following taxes will be bound together by the GST
   Central Excise Duty
   Service Tax
   Commercial Tax
   Value Added Tax (VAT)
   
   
6. Which of the following taxes will be bound together by the GST?
   A. Food Tax
   B. Central Sales Tax (CST)
   C. Octroi
   D. Entertainment Tax
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   The following taxes will be bound together by the GST
   Food Tax
   Central Sales Tax (CST)
   Octroi
   Entertainment Tax
   
   
7. Which of the following taxes will be bound together by the GST?
   A. Entry Tax
   B. Purchase Tax
   C. Luxury Tax
   D. Advertisement taxes
   E. All of these
   
   Answer & Explanation

   E. All of these
   Explanation:
   Entry Tax
   Purchase Tax
   Luxury Tax
   Advertisement taxes
   
   
8. There will be _____ GST on the sale and purchase of securities
   A. 3%
   B. 2%
   C. 1%
   D. 4%
   E. No GST
   
   Answer & Explanation

   E. No GST
   Explanation:
   There will be No GST on the sale and purchase of securities
   
   
9. Purchase of Securities to be governed by ______
   A. Securities Transaction Tax (STT)
   B. Securities Tax (ST)
   C. Transaction Tax
   D. Purchase Tax
   E. None of these
   
   Answer & Explanation

   A. Securities Transaction Tax (STT)
   Explanation:
   Purchase of Securities to be governed by Securities Transaction Tax(STT)
   
   
10. Goods and Services Tax Network (GSTN) is a nonprofit organization formed to create a platform for _______
    A. Stakeholders
    B. Government
    C. Taxpayers
    D. All of these
    E. None of these
    
    Answer & Explanation

    D. All of these
    Explanation:
    Goods and Services Tax Network (GSTN) is a nonprofit organization formed to create a platform for stakeholders, government, taxpayers to collaborate on a single portal