The 'Goods and Services Tax' on food in restaurants is generally: MCQ with Answer and Explanation

The 'Goods and Services Tax' on food in restaurants is generally:
A. 28%
B. 5%
C. 18%
D. 12%
Answer: Option B
Solution (By JKSSB Mock Tests)
Restaurant services generally attract 5% GST without input tax credit, but some categories differ.

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Practice More Economy Set 1 Questions

Question #1
In the context of the digital economy, 'Zero-Price Markets' are characterised by:
A. Markets in which all goods are free without any monetisation
B. Only traditional markets with positive prices
C. Markets in which the monetary price charged to users is zero and platforms monetise through other means such as advertising or data
D. Markets without any economic activity

Correct Answer: Option C


Explanation:
Zero-price markets are those in which consumers pay no monetary price; the platform typically monetises through advertising, data sales or complementary paid services, raising distinctive issues for competition analysis.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a major reason for the growth of the service sector in India?
A. Liberalisation, IT revolution and rising incomes
B. Only agricultural growth
C. Complete absence of industrial growth
D. Decline in demand for services

Correct Answer: Option A


Explanation:
The service sector in India has grown rapidly due to economic liberalisation, the information technology revolution, rising incomes and global demand for services such as software and BPO.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'NABARD' was established on the recommendation of which committee?
A. Narasimham Committee
B. Sivaraman Committee
C. Gadgil Committee
D. Rangarajan Committee

Correct Answer: Option B


Explanation:
NABARD was established on the recommendation of the Sivaraman Committee.

This question belongs to: Economy GK Economy Set 1