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

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The 'Goods and Services Tax' on biscuits is:

A. 18%

B. 12%

C. 5%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Biscuits generally attract 18% GST, with some low-value variants at 12% or 5%.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on water is:

A. 5%

B. exempt for water supply through public taps

C. 0%

D. 18%

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Correct Answer: Option B

Explanation:
Water supply through public taps is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Input Tax Credit' under GST is available for:

A. personal consumption

B. exempt supplies only

C. goods and services used for business purposes

D. all goods and services

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Correct Answer: Option C

Explanation:
Input tax credit is available for inputs used for business purposes.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'trickle-down theory' of development suggests that benefits of growth:

A. eventually spread to the poor

B. remain only with the rich

C. are absent

D. only benefit the government

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Correct Answer: Option A

Explanation:
Trickle-down theory suggests that growth benefits eventually reach the poor.

This question belongs to: Economy GK Economy Set 1

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