The 'good and services tax' on petroleum crude, diesel, petrol, natural gas and aviation turbine fuel: MCQ with Answer and Explanation

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The 'good and services tax' on petroleum crude, diesel, petrol, natural gas and aviation turbine fuel:

A. is exempt

B. is levied at zero rate

C. is presently outside GST

D. has been fully included

Answer: Option C

Solution (By JKSSB Mock Tests)

These petroleum products are currently outside the GST regime.

This question belongs to: Economy GK Economy Set 1

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Question #1

In India, the exchange rate of the rupee is best described as:

A. fixed by the government

B. managed floating

C. fully floating with no RBI intervention

D. pegged to the dollar

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Correct Answer: Option B

Explanation:
India follows a managed floating exchange rate system with occasional RBI intervention.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Anti-Avoidance Rule' in India was introduced in which year?

A. 2017

B. 2010

C. 2018

D. 2020

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Correct Answer: Option A

Explanation:
GAAR came into effect in India in April 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

Transfer payments are excluded from national income because they:

A. are included in personal income

B. are paid to foreigners

C. are paid in cash

D. do not correspond to current production of goods and services

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Correct Answer: Option D

Explanation:
Transfer payments are one-sided payments with no corresponding production of goods or services.

This question belongs to: Economy GK Economy Set 1

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