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

Question

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The 'Goods and Services Tax' on electricity is:

A. not under GST

B. 5%

C. 18%

D. 0%

Answer: Option A

Solution (By JKSSB Mock Tests)

Electricity is outside GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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A monopolist maximizes profit at the level of output where:

A. MC = AR

B. MR = MC

C. AC is minimum

D. AR = AC

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Correct Answer: Option B

Explanation:
A monopolist maximizes profit by producing where marginal revenue equals marginal cost.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Integrated Goods and Services Tax Act' was passed in which year?

A. 2018

B. 2016

C. 2017

D. 2015

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Correct Answer: Option C

Explanation:
IGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. 12%

B. 18%

C. 0%

D. 5%

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Correct Answer: Option C

Explanation:
Postal services by the Department of Posts are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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