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

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The 'Goods and Services Tax' on butter and ghee is:

A. 18%

B. 5%

C. 12%

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Butter and ghee attract 12% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on outdoor catering is:

A. 18%

B. 28%

C. 12%

D. 5%

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Correct Answer: Option A

Explanation:
Outdoor catering attracts 18% GST with input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'managed float' exchange rate system means the exchange rate is:

A. completely fixed

B. set by the IMF

C. determined by market forces with possible central bank intervention

D. not applicable

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Correct Answer: Option C

Explanation:
Managed float allows market determination with occasional central bank intervention.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Chief Economic Adviser' in India is responsible for:

A. stock market regulation

B. banking regulation

C. monetary policy

D. preparing the Economic Survey and advising on economic policy

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Correct Answer: Option D

Explanation:
The Chief Economic Adviser prepares the Economic Survey and advises the government.

This question belongs to: Economy GK Economy Set 1

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