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

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The 'Goods and Services Tax' on electric vehicles is:

A. 5%

B. 12%

C. 18%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Electric vehicles attract 5% GST to promote clean mobility.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'stagflation' is a combination of:

A. low inflation and low unemployment

B. low inflation and high unemployment

C. high inflation and low unemployment

D. high inflation and high unemployment

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Correct Answer: Option D

Explanation:
Stagflation is high inflation combined with high unemployment and stagnant demand.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Union Budget' is presented under which article of the Constitution?

A. Article 280

B. Article 265

C. Article 110

D. Article 112

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Correct Answer: Option D

Explanation:
The Annual Financial Statement is presented under Article 112.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a classification of taxes based on their impact on income distribution?

A. Only ad valorem and specific

B. Only central and state

C. Only direct and indirect

D. Progressive, proportional and regressive

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Correct Answer: Option D

Explanation:
Taxes are classified as progressive (rate rises with income), proportional (constant rate) or regressive (rate falls with income) according to their effect on income distribution.

This question belongs to: Economy GK Economy Set 1

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