Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

2220
Total Questions

Practice Questions

Page 99 of 111
Question #1961
The 'Goods and Services Tax' rate on footwear above Rs 1,000 is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Footwear above Rs 1,000 attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1962
The 'Goods and Services Tax' rate on footwear up to Rs 1,000 is:
A. 12%
B. 18%
C. 5%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Footwear up to Rs 1,000 attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1963
The 'Goods and Services Tax' rate on readymade garments above Rs 1,000 is:
A. 18%
B. 12%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Readymade garments above Rs 1,000 attract 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #1964
The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is:
A. 12%
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Readymade garments up to Rs 1,000 attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1965
The 'Goods and Services Tax' rate on books is:
A. 18%
B. 0%
C. 12%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Printed books are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1966
The 'Goods and Services Tax' rate on e-books is:
A. 18%
B. 5%
C. 12%
D. 0%
Discuss
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Correct Answer: Option B

Explanation:
E-books attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1967
The 'Goods and Services Tax' rate on electricity is:
A. 5%
B. 0%
C. 18%
D. not under GST
Discuss
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Correct Answer: Option D

Explanation:
Electricity is outside GST and subject to state electricity duties.
This question belongs to: Economy GK Economy Set 1
Question #1968
The 'Goods and Services Tax' rate on water supply is:
A. not under GST
B. 0%
C. 5%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Water supply through public taps is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1969
The 'Goods and Services Tax' rate on postal services is:
A. 12%
B. 18%
C. 0%
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Postal services by the Department of Posts are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1970
The 'Goods and Services Tax' rate on financial services is:
A. 12%
B. 18%
C. 5%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Financial services generally attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1971
The 'Goods and Services Tax' rate on IT services is:
A. 12%
B. 28%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
IT services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1972
The 'Goods and Services Tax' rate on telecom services is:
A. 18%
B. 28%
C. 12%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Telecom services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1973
The 'Goods and Services Tax' rate on restaurant services in AC restaurants was initially 18%, but later revised to:
A. 5% without ITC
B. 18%
C. 12%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Restaurant services were rationalized to 5% without input tax credit.
This question belongs to: Economy GK Economy Set 1
Question #1974
The 'Goods and Services Tax' rate on ambulance services is:
A. 12%
B. 0%
C. 18%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Ambulance services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1975
The 'Goods and Services Tax' rate on education and health care is zero because:
A. they are taxed by states
B. they are luxury services
C. they are considered essential services
D. they are outside GST
Discuss
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Correct Answer: Option C

Explanation:
Education and health care are essential services and are exempted.
This question belongs to: Economy GK Economy Set 1
Question #1976
The 'Goods and Services Tax' on imports is:
A. not levied
B. only 12%
C. only 5%
D. levied along with customs duty
Discuss
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Correct Answer: Option D

Explanation:
Imports are subject to IGST along with basic customs duty.
This question belongs to: Economy GK Economy Set 1
Question #1977
The 'GST' is a destination-based tax, so tax revenue accrues to:
A. centre only
B. exporting state
C. consuming state
D. producing state
Discuss
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Correct Answer: Option C

Explanation:
GST is destination-based; tax revenue goes to the state where goods are consumed.
This question belongs to: Economy GK Economy Set 1
Question #1978
The 'GST Council' can recommend which of the following?
A. customs duties on imports
B. income tax rates
C. corporate tax rates
D. taxes to be subsumed under GST
Discuss
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Correct Answer: Option D

Explanation:
GST Council recommends taxes to be subsumed and GST rates.
This question belongs to: Economy GK Economy Set 1
Question #1979
The 'GST Council' does not deal with:
A. income tax rates
B. GST returns
C. GST rates
D. GST exemptions
Discuss
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Correct Answer: Option A

Explanation:
Income tax rates are not within GST Council's purview.
This question belongs to: Economy GK Economy Set 1
Question #1980
The 'GST Council' has a secretariat located in:
A. Mumbai
B. Bengaluru
C. Gandhinagar
D. New Delhi
Discuss
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Correct Answer: Option D

Explanation:
GST Council secretariat is in New Delhi.
This question belongs to: Economy GK Economy Set 1
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