The 'Goods and Services Tax' on agricultural implements is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on agricultural implements is:

A. 5%

B. 12%

C. 0%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Agricultural implements generally attract 5% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Returns to scale refers to the relationship between inputs and output when:

A. only one factor is changed

B. marginal cost is constant

C. all factors are changed in the same proportion

D. technology is fixed

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Correct Answer: Option C

Explanation:
Returns to scale describe the long-run response of output when all inputs change proportionally.

This question belongs to: Economy GK Economy Set 1

Question #2

Economic rent is the payment to a factor of production:

A. above its transfer earnings

B. equal to zero

C. below its transfer earnings

D. equal to its transfer earnings

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Correct Answer: Option A

Explanation:
Economic rent is the surplus paid to a factor over and above its transfer earnings.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on construction of residential property in an affordable housing project is:

A. 18%

B. 1% without ITC

C. 5% without ITC

D. 12%

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Correct Answer: Option B

Explanation:
Affordable housing construction attracts 1% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

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