The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:

A. 18%

B. 28%

C. 5%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Hotel rooms above Rs 7,500 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'e-Way Bill' is generated on the GST portal for movement of goods whose consignment value exceeds:

A. Rs 50,000

B. Rs 1 lakh

C. Rs 25,000

D. Rs 5 lakh

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Correct Answer: Option A

Explanation:
E-way bill is required for goods movement valued above Rs 50,000.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of the capital account convertibility?

A. Only export-related convertibility

B. Freedom to convert local currency into foreign currency for current account transactions only

C. Complete ban on capital flows

D. Freedom to convert local financial assets into foreign financial assets and vice versa

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Correct Answer: Option D

Explanation:
Capital account convertibility allows residents and non-residents to convert local currency into foreign currency and transfer capital freely for investment and other capital transactions.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'currency chests' in India are operated by:

A. post offices

B. banks on behalf of RBI

C. treasury departments

D. RBI only

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Correct Answer: Option B

Explanation:
Currency chests are operated by selected banks on behalf of the RBI for currency storage and distribution.

This question belongs to: Economy GK Economy Set 1

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