The 'Goods and Services Tax' on art and culture events is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on art and culture events is:

A. 12%

B. 5%

C. 0%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Art and culture events generally attract 18% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on imitation jewellery is:

A. 18%

B. 3%

C. 12%

D. 5%

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Correct Answer: Option D

Explanation:
Imitation jewellery attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

If nominal GDP is Rs 12,500 crore and real GDP is Rs 10,000 crore, the GDP deflator is:

A. 100

B. 150

C. 125

D. 80

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Correct Answer: Option C

Explanation:
GDP deflator = (12500/10000) × 100 = 125.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'national income' can be expressed as NNP at factor cost, which equals NNP at market prices minus:

A. indirect taxes plus subsidies

B. depreciation

C. direct taxes

D. subsidies

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Correct Answer: Option A

Explanation:
NNP at factor cost = NNP at market prices - indirect taxes + subsidies.

This question belongs to: Economy GK Economy Set 1

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