The 'Goods and Services Tax' on health insurance for senior citizens is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on health insurance for senior citizens is:

A. 18%

B. 5%

C. 12%

D. 0%

Answer: Option A

Solution (By JKSSB Mock Tests)

Health insurance for senior citizens attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Soft Currency' refers to:

A. A currency that is not widely accepted internationally and may be unstable

B. Only gold-backed currency

C. Only the US dollar

D. A currency that is widely accepted and stable

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Correct Answer: Option A

Explanation:
A soft currency is one that is not widely used in international transactions and may experience frequent fluctuations or limited convertibility, in contrast to hard currencies like the US dollar or euro.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Agreement on Agriculture' under WTO came into force in which year?

A. 1994

B. 2000

C. 1998

D. 1995

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Correct Answer: Option D

Explanation:
The Agreement on Agriculture came into force in 1995.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is:

A. 0%

B. 5%

C. 12%

D. 18%

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Correct Answer: Option B

Explanation:
Readymade garments up to Rs 1,000 attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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