Banking Awareness Quiz – Set 209(GST)

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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. Which of the following was the first country to implement GST to reduce tax-evasion?
   A. France
   B. Canada
   C. Germany
   D. Switzerland
   E. None of these
   
   Answer & Explanation

   A. France
   Explanation:
   France was the first country to implement the GST in 1954
   
   
2. What is the GST rate on rough precious and semi-precious stones?
   A. 0.25%
   B. 0.50%
   C. 0.75%
   D. 0.30%
   E. None of these
   
   Answer & Explanation

   A. 0.25%
   Explanation:
   There is a special rate of 0.25% on rough precious and semi-precious stones
   
   
3. What is the Special GST rate on Gold?
   A. 2%
   B. 3%
   C. 4%
   D. 5%
   E. None of these
   
   Answer & Explanation

   B. 3%
   Explanation:
   There is a special rate of 3% on Gold.
   
   
4. Which of the following country implemented GST in 1994?
   A. China
   B. Russia
   C. Australia
   D. France
   E. None of these
   
   Answer & Explanation

   A. China
   Explanation:
   China implemented GST in 1994
   
   
5. Which of the following country implemented GST in 1991?
   A. China
   B. Russia
   C. Australia
   D. France
   E. None of these
   
   Answer & Explanation

   B. Russia
   Explanation:
   Russia implemented GST in 1991
   
   
6. Which of the following Country’s GST model is adopted by India?
   A. France
   B. Canada
   C. Germany
   D. Switzerland
   E. None of these
   
   Answer & Explanation

   B. Canada
   Explanation:
   India has adopted the Dual GST model, the one followed by Canada.
   
   
7. Approximately, how many countries have implemented GST?
   A. 120
   B. 150
   C. 160
   D. 180
   E. None of these
   
   Answer & Explanation

   C. 160
   Explanation:
   Presently, there are around 160 countries that have implemented GST
   
   
8. Which of the following country has the highest GST in the world?
   A. France
   B. Canada
   C. Germany
   D. Switzerland
   E. India
   
   Answer & Explanation

   E. India
   Explanation:
   India has the highest GST in the world
   
   
9. Goods and Services Tax Network (GSTN) is a _______ company.
   A. Public Limited
   B. Private Limited
   C. Limited Liability
   D. Unlimited
   E. None of these
   
   Answer & Explanation

   B. Private Limited
   Explanation:
   Goods and Services Tax Network (GSTN) is a non-Government, private limited company
   
   
10. Goods and Services Tax Network (GSTN) is a non-Government under ____ new companies Act.
    A. Section 7
    B. Section 8
    C. Section 6
    D. Section 5
    E. None of these
    
    Answer & Explanation

    B. Section 8
    Explanation:
    Goods and Services Tax Network (GSTN) is a non-Government under Section 8 new companies Act.