Consider the following statements:
1. The Reserve Bank of India was established in 1949.
2. The Goods and Services Tax is a direct tax.
Which of the statements given above is/are correct?

Answer and explanation

Correct answer: A. Neither 1 nor 2

  1. Step 1: The RBI was established in 1935 (and nationalised in 1949), and GST is an indirect tax. Answer: Neither 1 nor 2. Why not the others: 1 only, 2 only and Both 1 and 2 don't fit.

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