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. 5%

B. 18%

C. 28%

D. 12%

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

The Tendulkar Committee is associated with:

A. tax reforms

B. agriculture credit

C. banking reforms

D. poverty estimation methodology

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Correct Answer: Option D

Explanation:
The Tendulkar Committee recommended a new methodology for poverty estimation.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Periodic Labour Force Survey' provides estimates of:

A. foreign exchange reserves

B. employment and unemployment

C. inflation

D. GDP

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Correct Answer: Option B

Explanation:
PLFS provides labour force, employment and unemployment estimates.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Demonetisation' refers to:

A. Introduction of new currency notes

B. Withdrawal of a currency unit from legal tender status

C. Printing of more currency notes

D. Devaluation of currency

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Correct Answer: Option B

Explanation:
Demonetisation is the act of stripping a currency unit of its status as legal tender. In India, high denomination notes were demonetised in 2016.

This question belongs to: Economy GK Economy Set 1

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