The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is:

A. 5%

B. 0%

C. 12%

D. exempt

Answer: Option D

Solution (By JKSSB Mock Tests)

Hotel rooms with tariff below Rs 1,000 are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on air travel in economy class is:

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option C

Explanation:
Economy class air travel attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

An indifference curve is convex to the origin because of:

A. increasing marginal rate of substitution

B. increasing returns to scale

C. diminishing marginal rate of substitution

D. constant marginal utility

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Correct Answer: Option C

Explanation:
Convexity of indifference curves is due to diminishing marginal rate of substitution.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Cheque Truncation System' processes cheques by:

A. converting cheques into cash immediately

B. destroying all cheques

C. physically moving cheques to the paying bank

D. transmitting electronic image of the cheque

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Correct Answer: Option D

Explanation:
CTS processes cheques by transmitting electronic images rather than moving physical cheques.

This question belongs to: Economy GK Economy Set 1

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