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


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.

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


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.

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


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.

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


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.

5. Which of the following sectors of the economy has the highest share in India's GDP ?





Answer: Service


The services sector is estimated to contribute 55.3% to India’s GVA in 2019-20.

6. The GST council is headed by the ?

Prime minister

SEBI chairman

RBI governor

Union finance minister

Answer: Union finance minister


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.

7. What does GNP stand for ?

Gramin Nisak Praman

Gramin Nigam Parishad

Gross National Product

Gross National Produce

Answer: Gross National Product


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.

8. Current Account of Balance of payments does NOT include which of the following ?


Transfer Payments

Trade in Goods

Trade in Services

Answer: Investments


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.

9. Fiscal Policy is formulated by ______ in India ?


Finance Ministry


Different Banks

Answer: Finance Ministry


In India, Fiscal Policy is formulated by the Ministry of Finance. Governments use fiscal policy to promote strong and sustainable growth and reduce poverty.

10. In which year was the Central Board of Revenue Act in India promulgated ?





Answer: 1963


Central Board of Revenue Act separates Board of revenue for direct taxes and excise and customs.