MCQ Test: India's Economy Sees Major GST Overhaul, Robust Q1 Growth, and Soaring Services Sector Amid Global Headwinds

1. What is the new simplified two-tier GST tax structure approved by the GST Council?

A) 5% and 12% B) 5% and 18% C) 12% and 18% D) 18% and 28%

2. When are the new GST changes, including the simplified tax structure and new slabs, slated to take effect?

A) August 15 B) September 1 C) September 22 D) October 1

3. What new GST slab has been introduced specifically for 'sin goods' and luxury items?

A) 28% B) 35% C) 40% D) 45%

4. Which of the following items will now be exempt from GST under the new reforms?

A) Small cars B) Luxury items C) Individual life and health insurance policies D) Tractor parts

5. What is the new GST rate for small cars (less than four meters in length with specific engine capacities) after the recent reforms?

A) 5% B) 12% C) 18% D) 28%

6. The GST on tractor tyres, parts, and tractors has been slashed to what percentage under the new reforms?

A) 5% B) 12% C) 18% D) 28%

7. What was India's GDP growth rate in the first quarter of FY26 (April-June)?

A) 6.5% B) 7.0% C) 7.8% D) 8.2%

8. Which international agency recently upgraded India's sovereign rating after 18 years?

A) Moody's B) Fitch Ratings C) S&P Global D) IMF

9. What was the HSBC India Services Purchasing Managers' Index (PMI) in August, indicating a 15-year high for the services sector?

A) 50.5 B) 60.5 C) 62.9 D) 63.2

10. The Composite PMI, combining services and manufacturing sectors, reached a 17-year high in August. What was its value?

A) 60.5 B) 62.9 C) 63.2 D) 65.0

11. Which of the following countries is NOT a part of the European Free Trade Association (EFTA) with whom India has forged a new FTA?

A) Iceland B) Liechtenstein C) Sweden D) Switzerland

12. What is the investment commitment from the EFTA bloc to India over 15 years as part of the new Free Trade Agreement?

A) $50 billion B) $75 billion C) $100 billion D) $150 billion

13. Who is the current Commerce Minister mentioned as expressing optimism about concluding a bilateral trade agreement (BTA) with the US by November?

A) Nirmala Sitharaman B) Piyush Goyal C) Subrahmanyam Jaishankar D) Rajnath Singh

14. With which country is India bolstering economic ties, focusing on smart city development and high-tech manufacturing, notably in Gujarat's Dholera Smart City?

A) South Korea B) Germany C) Japan D) France

15. Who leads the GST Council, which approved the recent GST framework overhaul?

A) The Prime Minister B) The Union Finance Minister C) The RBI Governor D) The Commerce Minister

ALL TN Comp Exams Prep

India's Economy Sees Major GST Overhaul, Robust Q1 Growth, and Soaring Services Sector Amid Global Headwinds

Your Score: 0 / 0

1. What is the new simplified two-tier GST tax structure approved by the GST Council?

2. When are the new GST changes, including the simplified tax structure and new slabs, slated to take effect?

3. What new GST slab has been introduced specifically for 'sin goods' and luxury items?

4. Which of the following items will now be exempt from GST under the new reforms?

5. What is the new GST rate for small cars (less than four meters in length with specific engine capacities) after the recent reforms?

6. The GST on tractor tyres, parts, and tractors has been slashed to what percentage under the new reforms?

7. What was India's GDP growth rate in the first quarter of FY26 (April-June)?

8. Which international agency recently upgraded India's sovereign rating after 18 years?

9. What was the HSBC India Services Purchasing Managers' Index (PMI) in August, indicating a 15-year high for the services sector?

10. The Composite PMI, combining services and manufacturing sectors, reached a 17-year high in August. What was its value?

11. Which of the following countries is NOT a part of the European Free Trade Association (EFTA) with whom India has forged a new FTA?

12. What is the investment commitment from the EFTA bloc to India over 15 years as part of the new Free Trade Agreement?

13. Who is the current Commerce Minister mentioned as expressing optimism about concluding a bilateral trade agreement (BTA) with the US by November?

14. With which country is India bolstering economic ties, focusing on smart city development and high-tech manufacturing, notably in Gujarat's Dholera Smart City?

15. Who leads the GST Council, which approved the recent GST framework overhaul?

India's Economy Sees Major GST Overhaul, Robust Q1 Growth, and Soaring Services Sector Amid Global Headwinds

Your Score: 0 / 0

1. What is the new simplified two-tier GST tax structure approved by the GST Council?

2. When are the new GST changes, including the simplified tax structure and new slabs, slated to take effect?

3. What new GST slab has been introduced specifically for 'sin goods' and luxury items?

4. Which of the following items will now be exempt from GST under the new reforms?

5. What is the new GST rate for small cars (less than four meters in length with specific engine capacities) after the recent reforms?

6. The GST on tractor tyres, parts, and tractors has been slashed to what percentage under the new reforms?

7. What was India's GDP growth rate in the first quarter of FY26 (April-June)?

8. Which international agency recently upgraded India's sovereign rating after 18 years?

9. What was the HSBC India Services Purchasing Managers' Index (PMI) in August, indicating a 15-year high for the services sector?

10. The Composite PMI, combining services and manufacturing sectors, reached a 17-year high in August. What was its value?

11. Which of the following countries is NOT a part of the European Free Trade Association (EFTA) with whom India has forged a new FTA?

12. What is the investment commitment from the EFTA bloc to India over 15 years as part of the new Free Trade Agreement?

13. Who is the current Commerce Minister mentioned as expressing optimism about concluding a bilateral trade agreement (BTA) with the US by November?

14. With which country is India bolstering economic ties, focusing on smart city development and high-tech manufacturing, notably in Gujarat's Dholera Smart City?

15. Who leads the GST Council, which approved the recent GST framework overhaul?

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