The 'Goods and Services Tax' on air travel business class is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on air travel business class is:

A. 5%

B. 18%

C. 12%

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Business class air travel is 12% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Cheque Truncation System' processes cheques by:

A. physically moving cheques to the paying bank

B. transmitting electronic image of the cheque

C. destroying all cheques

D. converting cheques into cash immediately

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Correct Answer: Option B

Explanation:
CTS processes cheques by transmitting electronic images rather than moving physical cheques.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Basel Committee on Banking Supervision' is headquartered at:

A. Basel, Switzerland

B. London

C. Geneva

D. Washington D.C.

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Correct Answer: Option A

Explanation:
The Basel Committee is headquartered at the Bank for International Settlements in Basel, Switzerland.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'First Advance Estimates' of GDP for a financial year in India are released by:

A. National Statistical Office

B. NITI Aayog

C. RBI

D. Ministry of Finance

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Correct Answer: Option A

Explanation:
The NSO releases advance estimates of GDP.

This question belongs to: Economy GK Economy Set 1

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