Question : Which of the following is the right expansion of GATT?
Option 1: Government Agreement on Trade and Tax
Option 2: General Agreement on Trade and Tariffs
Option 3: Government Agreement on Trade and Tariffs
Option 4: General Agreement on Trade and Tax
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Correct Answer: General Agreement on Trade and Tariffs
Solution : The correct option is the General Agreement on Trade and Tariffs.
On October 30, 1947, 23 countries signed the General Agreement on Trade and Tariffs (GATT), which came into effect on January 1, 1948, in a provisional capacity. Its goal was to encourage global trade by lowering or getting rid of trade restrictions like tariffs and quotas.
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Question : Which of the following taxes is levied by the state government only?
Option 1: Wealth tax
Option 2: Entertainment tax
Option 3: Income tax
Option 4: Gift tax
Question : In India, which of the following taxes is levied by the state government?
Option 1: Excise duty on liquor
Option 2: Capital gains tax
Option 3: Customs tax
Option 4: Corporation tax
Question : Which of the following is an indirect tax?
Option 1: Capital gains tax
Option 2: Goods and services tax
Option 3: Wealth tax
Question : Which of the following is not an indirect tax?
Option 1: Excise tax
Option 3: Customs duty
Option 4: Wealth tax
Question : Which among the following is the tax levied by the center and not shared with states?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Corporation tax
Option 4: Income tax
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