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

Question

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The 'Goods and Services Tax' on bread is:

A. 5%

B. 18%

C. 0%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Bread is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

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The 'Balance of Payments' current account includes which of the following?

A. Foreign direct investment

B. External commercial borrowing

C. Net income from abroad

D. Portfolio investment

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Correct Answer: Option C

Explanation:
Net income from abroad is part of the current account.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on entertainment events is:

A. 18%

B. 5%

C. 12%

D. 28%

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Correct Answer: Option A

Explanation:
Entertainment events generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Base Money' or 'Reserve Money' consists of:

A. Currency in circulation plus bankers' deposits with RBI and other deposits

B. Only currency with the public

C. Only demand deposits

D. Only time deposits of banks

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Correct Answer: Option A

Explanation:
Reserve money (monetary base) includes currency in circulation, bankers' deposits with the RBI and other deposits with the RBI.

This question belongs to: Economy GK Economy Set 1

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