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

Question

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The 'Goods and Services Tax' on chocolates is:

A. 28%

B. 12%

C. 5%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Chocolates attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Presidency Banks' were merged into the Imperial Bank of India in which year?

A. 1905

B. 1935

C. 1921

D. 1949

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Correct Answer: Option C

Explanation:
The three presidency banks were merged into the Imperial Bank of India in 1921.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on restaurant food is:

A. 12%

B. 5% without ITC

C. 28%

D. 18%

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Correct Answer: Option B

Explanation:
Restaurant services generally attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Fiscal deficit' is financed by:

A. only taxes

B. only foreign aid

C. only disinvestment

D. market borrowings and other liabilities

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Correct Answer: Option D

Explanation:
Fiscal deficit is financed through market borrowings and other liabilities.

This question belongs to: Economy GK Economy Set 1

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