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. 5%

B. 12%

C. 28%

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

Horse racing services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

A 'public good' is characterized by:

A. excludability and non-rivalry

B. non-excludability and non-rivalry

C. excludability and rivalry

D. non-excludability and rivalry

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Correct Answer: Option B

Explanation:
Public goods are non-excludable and non-rivalrous.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of national income accounting, which of the following is a transfer payment and not included in national income?

A. Rent

B. Interest on public debt

C. Profits

D. Wages and salaries

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Correct Answer: Option B

Explanation:
Interest on public debt is a transfer payment and is not included in national income as it does not correspond to any current production of goods or services.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on air freight is:

A. 18%

B. 5%

C. 28%

D. 12%

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Correct Answer: Option A

Explanation:
Air freight services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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