Banking Awareness Quiz for Bank Exams 2021- 14th May

Q1. What is the full form of GST?
(a) General Sales Tax
(b) Goods and Supply Tax
(c) Goods and Services Tax
(d) Government Sales Tax
(e)None of these

Q2. Which of the following good is not covered under the GST bill?
(a)Liquor
(b)Cooking gas
(c)Petrol
(d)Diesel
(e)All of these

Q3. GST was introduced in India with effect from………
(a) 1.7.2017
(b) 1.4.2019
(c) 1.1.2018
(d) 1.7.2016
(e)None of these

Q4. The chairman of GST Council is………………
(a)Home Minister
(b)Nominated by the Government
(c)Nominated by the GST Council
(d)Union Finance Minister
(e)None of these

Q5. The first committee to design GST model was headed by……..
(a) R. Mangalam
(b) P. Chidambaram
(c) Asim Das Gupta
(d) S. Srinivasan
(e) None of these

Q6. Tax rate on goods under GST are determined by……………….
(a)RBI
(b)GST Council
(c)Union Budget
(d)NITI Aayog
(e)None of these

Q7. What kind of Tax is GST?
(a) Depends on the type of goods and services
(b) Direct Tax
(c) Indirect Tax
(d) Special Tax
(e) None of these

Q8. The maximum limit of IGST rate fixed in the Act is…………..
(a)40 %
(b)28 %
(c)50 %
(d)60 %
(e)None of these

Q9. Which of the following tax rate is not applicable under the GST?
(a) 5
(b) 25
(c) 18
(d) 12
(e) 28

Q10. What does “I” in IGST stand for?
(a)Intra
(b)Inter
(c)Integrated
(d)Internal
(e)None of these

Practice More Questions of Banking Awareness for Competitive Exams:

Solutions

S1.Ans.(c)
Sol. Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, items of daily needs, transportation etc.

S2.Ans.(e)
Sol. Cooking gas, Liquor, Petrol, air fuel, natural gas and diesel are not covered under the GST. State government can impose tax on these goods as per their wish.

S3.Ans.(a)
Sol. Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017.

S4.Ans.(d)
Sol. The GST Council aims to develop a harmonized national market of goods and services. The Union Finance Minister is the Chairman of the GST council.

S5.Ans.(c)
Sol. Mr Vajpayee set up a committee headed by the then finance minister of West Bengal, Asim Das Gupta to design a GST model.

S6.Ans.(b)
Sol. Tax rate on goods under GST are determined by GST council.

S7.Ans.(c)
Sol. Goods and Services Tax is an indirect tax which will be levied on the goods and services both.

S8.Ans.(a)
Sol. The maximum tax rate applicable under IGST is 40%.

S9.Ans.(b)
Sol. GST will comprise five basic rates: 0 percent, 5 percent, 12 percent, 18 percent and 28 percent.

S10.Ans.(c)
Sol. IGST means Integrated Goods and Service Tax.