Indian Economy MCQs

21. GST is a:
A. Direct Tax
B. Indirect Tax
C. Wealth Tax
D. Income Tax
Answer: B

22. Which Constitutional Amendment introduced GST?
A. 91st Amendment
B. 97th Amendment
C. 101st Amendment
D. 103rd Amendment
Answer: C

23. Which body recommends GST rates?
A. RBI
B. GST Council
C. NITI Aayog
D. Finance Commission
Answer: B

24. Income Tax is an example of:
A. Direct Tax
B. Indirect Tax
C. Customs Duty
D. GST
Answer: A

25. Customs Duty is levied on:
A. Income
B. Property
C. Imports and exports of goods
D. Agricultural income
Answer: C

26. Fiscal Policy is formulated by the:
A. RBI
B. Ministry of Finance
C. NITI Aayog
D. SEBI
Answer: B

27. Fiscal Policy mainly deals with:
A. Currency printing
B. Government taxation and expenditure
C. Bank licensing
D. Foreign exchange only
Answer: B

28. Which document presents the estimated receipts and expenditure of the Government of India?
A. Economic Survey
B. Union Budget
C. Census Report
D. RBI Bulletin
Answer: B

29. Fiscal Deficit is:
A. Revenue Expenditure – Revenue Receipts
B. Total Expenditure – Total Receipts (excluding borrowings)
C. Capital Receipts – Capital Expenditure
D. Imports – Exports
Answer: B

30. Revenue Deficit is:
A. Revenue Expenditure minus Revenue Receipts
B. Fiscal Deficit minus Borrowings
C. Capital Expenditure minus Revenue Expenditure
D. Exports minus Imports
Answer: A