1.	What is the full form of GSTIN in relation to GST ?
	Goods and Services Tax Identification Note
	Goods and Services Tax Identification Number
	Goods and Services Tax Information Number
	Goods and Services Taxation Income Number
	Answer: Goods and Services Tax Identification Number Explanation: Under GST a service tax registration number by the Central given to each and every service Board of Excise and Custom (CBEC) provider. All the service providers are under the same format number which consist of 16 digits.
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2.	Which of the following are the major state taxes in India ?
	Stamp duty and registration
	Income tax
	Corporation tax
	Customs duty
	Answer: Stamp duty and registration Explanation: Registration fee is the cost levied by the government to record the property details, and stamp duty is a tax levied on the legal recognition of the property documents. However, the stamp duty and registration charges depend on the ownership type and the transaction value of the property.
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3.	Which of the following may be classified as a ' Pigouvian tax' ?
	Long term capital gain tax
	Corporate tax
	Carbon tax
	Income tax
	Answer: Carbon Explanation: A Pigovian tax is a tax on any market activity that generates negative impacts on the environment or society. The tax is intended to correct an undesirable or inefficient market outcome. A carbon tax is a tax levied on the carbon content of goods and services.
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4.	Who among the following publishes the Economic Survey of India ?
	Ministry of Finance
	Indian Statistical Institute
	National Development Council
	Institute of finance
	Answer: Ministry of Finance Explanation: Economic survey of India is published by the Ministry of Finance. The Department of Economic Affairs, Ministry of Finance presents the survey in parliament every year, just before the union budget.
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5.	Which of the following sectors of the economy has the highest share in India's GDP ?
	Agriculture
	Industrial
	Manufacturing
	Service
	Answer: Service Explanation: The services sector is estimated to contribute 55.3% to India’s GVA in 2019-20.
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6.	The GST council is headed by the ?
	Prime minister
	SEBI chairman
	RBI governor
	Union finance minister
	Answer: Union finance minister Explanation: The GST Council consists of the Union Finance Minister (as Chairman), the Union Minister of State in charge of Revenue or Finance and the Minister in charge of Finance or Taxation or any other Minister, nominated by each State government.
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7.	What does GNP stand for ?
	Gramin Nisak Praman
	Gramin Nigam Parishad
	Gross National Product
	Gross National Produce
	Answer: Gross National Product Explanation: Gross national product (GNP) is an estimate of the total market value of all goods and services produced in one year by labour and property supplied by the residents of a country.
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8.	Current Account of Balance of payments does NOT include which of the following ?
	Investments
	Transfer Payments
	Trade in Goods
	Trade in Services
	Answer: Investments Explanation: The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments. The main components of the current account are: Trade in goods (visible balance) Trade in services (invisible balance), e.g. insurance and services.
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9.	Fiscal Policy is formulated by ______ in India ?
	NITI Ayog
	Finance Ministry
	RBI
	Different Banks
	Answer: Finance Ministry Explanation: In India, Fiscal Policy is formulated by the Ministry of Finance. Governments use fiscal policy to promote strong and sustainable growth and reduce poverty.
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10.	In which year was the Central Board of Revenue Act in India promulgated ?
	1983
	1963
	1973
	1953
	Answer: 1963 Explanation: Central Board of Revenue Act separates Board of revenue for direct taxes and excise and customs.
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