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

Question

Share Report Error

The 'Goods and Services Tax' on cheese is:

A. 5%

B. 18%

C. 12%

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Cheese attracts 12% GST.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

Which of the following is a feature of the Keynesian consumption function?

A. Average propensity to consume rises with income

B. Consumption is independent of income

C. Consumption is a function of current disposable income

D. Consumption depends only on the rate of interest

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The simple Keynesian consumption function states that current consumption depends primarily on current disposable income, with a positive marginal propensity to consume less than one.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

The 'Goods and Services Tax' does not apply to:

A. alcoholic liquor for human consumption

B. imports

C. goods and services

D. interstate supplies

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

The 'National Anti-profiteering Authority' under GST was set up to ensure:

A. fewer returns

B. more exports

C. higher GST collections

D. benefits of GST rate cuts are passed to consumers

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
National Anti-profiteering Authority ensures that tax reductions are passed on to consumers.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs