The 'Goods and Services Tax' Council was constituted in which year? MCQ with Answer and Explanation

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The 'Goods and Services Tax' Council was constituted in which year?

A. 2014

B. 2018

C. 2016

D. 2017

Answer: Option C

Solution (By JKSSB Mock Tests)

The GST Council was constituted in 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on hotel rooms with tariff above Rs 7,500 is:

A. 28%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Hotel rooms above Rs 7,500 tariff attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on health insurance for senior citizens is:

A. 0%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Health insurance for senior citizens attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Integrated Goods and Services Tax' applies to:

A. exports only

B. intra-state supplies

C. inter-state supplies

D. imports only

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Correct Answer: Option C

Explanation:
IGST applies to inter-state supplies and imports.

This question belongs to: Economy GK Economy Set 1

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