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

Question

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The 'Goods and Services Tax' on casinos is:

A. 5%

B. 12%

C. 18%

D. 28%

Answer: Option D

Solution (By JKSSB Mock Tests)

Casino services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the 'Habit-Formation' models of consumption?

A. Habits are irrelevant for saving behaviour

B. Current utility depends on current consumption relative to a habit stock formed by past consumption

C. Only permanent income matters

D. Utility depends only on current consumption

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Correct Answer: Option B

Explanation:
Habit-formation models allow current utility to depend on the deviation of current consumption from a habit level determined by past consumption, generating persistence in consumption growth.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. 5%

B. 18%

C. 28%

D. 12%

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Correct Answer: Option B

Explanation:
Software services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'core inflation' was coined because it excludes items with:

A. high weight in CPI

B. high tax rates

C. high price volatility such as food and fuel

D. high import content

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Correct Answer: Option C

Explanation:
Core inflation excludes volatile food and fuel prices to reveal underlying inflation.

This question belongs to: Economy GK Economy Set 1

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