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

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The 'Goods and Services Tax' on coal is:

A. 5% with input tax credit

B. 12%

C. 18%

D. 5%

Answer: Option D

Solution (By JKSSB Mock Tests)

Coal attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following methods estimates national income by summing wages, rent, interest and profit?

A. Value added method

B. Production method

C. Income method

D. Expenditure method

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Correct Answer: Option C

Explanation:
The income method sums all factor incomes: wages, rent, interest and profit.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Trade Facilitation Agreement' of WTO entered into force in which year?

A. 2018

B. 2017

C. 2013

D. 2019

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Correct Answer: Option B

Explanation:
The Trade Facilitation Agreement entered into force in 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

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If a country's current account is in deficit, its capital account must be in:

A. equilibrium

B. deficit as well

C. surplus or official reserves must fall

D. zero

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Correct Answer: Option C

Explanation:
A current account deficit must be financed by a capital account surplus or a drawdown of official reserves.

This question belongs to: Economy GK Economy Set 1

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