Revision 2 FL

GST was implemented on…………

• 1st July 2017

• 1st July 2016

GST is a tax on

• Goods and Services

• Goods only

Basic necessities of life are

• Wants

• Needs

What right does the consumer lose when he does not receive a bill?

• Right to complain

• Right to purchase

Trade within the geographical boundaries of the country

• Foreign Trade

• Domestic Trade

Trade with two or three countries

• Foreign Trade

• Domestic Trade

Producing more goods than other producers with same resources are called____ advantage

• competitive

• Absolute

Producing goods at lower coast than other producers.

• Absolut advantage

• competitive advantage

Paid directly by an individual

• Indirect Tax

• Direct Tax

I am proud to pay this on my salary

• Land tax

• Income Tax