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

Question

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The 'Goods and Services Tax' on coffee beans is:

A. 12%

B. 18%

C. 5%

D. 0%

Answer: Option C

Solution (By JKSSB Mock Tests)

Coffee beans attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' rate on education and health care is zero because:

A. they are considered essential services

B. they are taxed by states

C. they are luxury services

D. they are outside GST

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Correct Answer: Option A

Explanation:
Education and health care are essential services and are exempted.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on real estate under-construction properties is:

A. 5% or 1% for affordable housing

B. 0%

C. 12%

D. 18%

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Correct Answer: Option A

Explanation:
Under-construction residential properties attract 5% GST (1% for affordable housing without ITC).

This question belongs to: Economy GK Economy Set 1

Question #3

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The Rostow stages of growth model lists which of the following as the first stage?

A. Take-off

B. Traditional society

C. Age of high mass consumption

D. Drive to maturity

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Correct Answer: Option B

Explanation:
Rostow's first stage is traditional society, followed by preconditions for take-off, take-off, etc.

This question belongs to: Economy GK Economy Set 1

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