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

Question

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The 'Goods and Services Tax' on edible oils is:

A. 18%

B. 0%

C. 5%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Edible oils attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'index of eight core industries' does not include which of the following?

A. Cement

B. Pharmaceuticals

C. Coal

D. Steel

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Correct Answer: Option B

Explanation:
Pharmaceuticals is not included in the eight core industries.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' rate on IT services is:

A. 18%

B. 28%

C. 12%

D. 5%

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Correct Answer: Option A

Explanation:
IT services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Index of Industrial Production' is released by:

A. Ministry of Finance

B. Ministry of Statistics and Programme Implementation

C. NITI Aayog

D. RBI

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Correct Answer: Option B

Explanation:
IIP is released by the Ministry of Statistics and Programme Implementation.

This question belongs to: Economy GK Economy Set 1

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