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

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

A. 12%

B. 0%

C. 5%

D. 18%

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 'Input Tax Credit' under GST allows a taxpayer to:

A. deduct tax paid on inputs from output tax liability

B. pay tax only on exports

C. refund all taxes paid

D. avoid filing returns

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Correct Answer: Option A

Explanation:
Input Tax Credit permits deduction of input tax from output tax liability to avoid cascading.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a type of public debt?

A. External debt

B. Market borrowings

C. Tax revenue

D. Internal debt

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Correct Answer: Option C

Explanation:
Tax revenue is a receipt, not debt. Public debt includes internal debt (market borrowings, treasury bills) and external debt.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the 'Relative Income Hypothesis' of consumption associated with Duesenberry?

A. Consumption is independent of social comparisons

B. Consumption depends only on absolute current income

C. Consumption depends on an individual’s income relative to the incomes of others and on past peak income

D. Only permanent income matters

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Correct Answer: Option C

Explanation:
Duesenberry’s relative-income hypothesis posits that consumption depends on the individual’s rank in the income distribution and on the highest income previously attained (ratchet effect).

This question belongs to: Economy GK Economy Set 1

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