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. 12%

D. 5%

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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Which of the following is a form of public enterprise based on ownership and organisation?

A. Departmental undertaking, public corporation and government company

B. Only foreign multinational corporations

C. Only cooperative societies without government ownership

D. Only private limited companies with no government share

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Correct Answer: Option A

Explanation:
Public enterprises may be organised as departmental undertakings, statutory public corporations or government companies in which the government holds a majority stake.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of cost, Marginal Cost is defined as:

A. Variable cost divided by output

B. Change in total cost due to production of one additional unit

C. Total cost divided by output

D. Fixed cost divided by output

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Correct Answer: Option B

Explanation:
Marginal Cost (MC) is the addition to total cost when one more unit of output is produced. MC = ΔTC/ΔQ.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is NOT a type of bank in the Indian banking system?

A. Cooperative banks

B. Shadow banks as scheduled commercial banks

C. Commercial banks

D. Regional Rural Banks

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Correct Answer: Option B

Explanation:
Shadow banks (NBFCs engaged in credit intermediation) are not scheduled commercial banks. The formal banking system includes commercial banks, cooperative banks and RRBs.

This question belongs to: Economy GK Economy Set 1

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