The 'Goods and Services Tax' on beauty parlour services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on beauty parlour services is:

A. 18%

B. 5%

C. 28%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Beauty parlour services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the circular flow of income, injections include:

A. investment, government expenditure and exports

B. saving, taxes and imports

C. wages and rent

D. consumption and saving

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Correct Answer: Option A

Explanation:
Injections into the circular flow are investment, government expenditure and exports.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' return for monthly filing by regular dealers is:

A. GSTR-1

B. GSTR-9

C. GSTR-3B

D. GSTR-4

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Correct Answer: Option C

Explanation:
GSTR-3B is a monthly summary return for regular dealers.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of the digital economy, 'Zero Marginal Cost' of information goods implies that:

A. Marginal cost is always high

B. Only physical goods have zero marginal cost

C. Once produced, an additional digital copy can be distributed at near-zero cost

D. All goods have zero marginal cost

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Correct Answer: Option C

Explanation:
Information goods and digital products typically have high fixed costs of production but near-zero marginal costs of reproduction and distribution, creating distinctive pricing and competition issues.

This question belongs to: Economy GK Economy Set 1

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