The 'Goods and Services Tax' on club membership fees is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on club membership fees is:

A. 0%

B. 18%

C. 12%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Club membership fees attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Personal Disposable Income' is personal income minus:

A. corporate tax

B. indirect taxes

C. direct personal taxes and other deductions

D. customs duty

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Correct Answer: Option C

Explanation:
Personal disposable income is personal income minus direct personal taxes and other receipts of government.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of growth theory, 'Semi-Endogenous Growth' models feature:

A. Long-run growth that is fully endogenous to policy

B. Only exogenous technological progress

C. No role for research and development

D. Long-run growth that depends on population growth but not on policy parameters that affect the R&D share

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Correct Answer: Option D

Explanation:
Semi-endogenous growth models retain diminishing returns to knowledge in the R&D sector, so that long-run growth is proportional to population growth and is not affected by the share of resources devoted to R&D.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'asymmetric corridor' in Indian monetary policy refers to:

A. fixed exchange rate bands

B. different widths of the corridor at different times or instruments

C. dual GST rates

D. repo and reverse repo being equidistant from the policy rate

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Correct Answer: Option B

Explanation:
The asymmetric corridor refers to variations in the distance between policy rate, MSF and reverse repo rates.

This question belongs to: Economy GK Economy Set 1

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