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

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The 'Goods and Services Tax' on helicopter services is:

A. 28%

B. 18%

C. 5%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Helicopter services attract 18% GST, with some exemptions for pilgrimage.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'RBI Act' was amended in 2016 to give statutory backing to:

A. financial inclusion

B. payment banks

C. inflation targeting and the Monetary Policy Committee

D. digital currency

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Correct Answer: Option C

Explanation:
The RBI Act amendment in 2016 gave statutory backing to flexible inflation targeting and the MPC.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Dutch disease' phenomenon in economics refers to:

A. a fall in agricultural productivity

B. a decline in manufacturing due to a boom in natural resource exports

C. high inflation

D. a banking crisis

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Correct Answer: Option B

Explanation:
Dutch disease is a situation where a resource boom causes currency appreciation and decline in other tradable sectors like manufacturing.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Vertical Equity' principle in taxation?

A. Taxpayers with greater ability to pay should bear a larger tax burden

B. Taxes should be independent of income

C. All taxpayers should pay the same absolute amount

D. Only equal absolute burdens are fair

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Correct Answer: Option A

Explanation:
Vertical equity requires that taxpayers with greater ability to pay contribute more in taxes, which is the ethical foundation for progressive taxation.

This question belongs to: Economy GK Economy Set 1

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