Current Affairs PDF

Banking Awareness Quiz – Set 209(GST)

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

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