The 'Goods and Services Tax' on betting and gambling is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on betting and gambling is:

A. 12%

B. 5%

C. 28%

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

Betting and gambling attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The expenditure on old age pension is classified as:

A. plan expenditure

B. revenue expenditure

C. capital expenditure

D. developmental expenditure

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Correct Answer: Option B

Explanation:
Old age pension is a recurring revenue expenditure that does not create assets.

This question belongs to: Economy GK Economy Set 1

Question #2

Under a floating exchange rate system, a fall in the external value of a currency due to market forces is called:

A. devaluation

B. appreciation

C. depreciation

D. revaluation

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Correct Answer: Option C

Explanation:
A market-driven fall in the external value of a currency is called depreciation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on government services is:

A. always 18%

B. always 28%

C. always exempt

D. exempt for certain government services and taxable for others

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Correct Answer: Option D

Explanation:
Some government services are exempt, others taxable.

This question belongs to: Economy GK Economy Set 1

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