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

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The 'Goods and Services Tax' on horse racing is:

A. 18%

B. 5%

C. 12%

D. 28%

Answer: Option D

Solution (By JKSSB Mock Tests)

Horse racing services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

A. 28%

B. 5%

C. 18%

D. 12%

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Correct Answer: Option C

Explanation:
Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Disguised Unemployment' implies that:

A. Workers are unemployed and actively seeking jobs

B. Unemployment is due to seasonal factors only

C. Workers are employed in high-productivity jobs

D. More people are engaged in a task than required, with marginal productivity close to zero

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Correct Answer: Option D

Explanation:
Disguised unemployment exists when the removal of some workers does not reduce total output, typically found in agriculture in developing countries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Startup India Seed Fund Scheme' provides:

A. pension to workers

B. subsidies to farmers

C. loans to large companies

D. seed funding to startups

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Correct Answer: Option D

Explanation:
Startup India Seed Fund Scheme provides seed funding to startups.

This question belongs to: Economy GK Economy Set 1

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