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. 0%

B. exempt

C. 5%

D. 12%

Answer: Option B

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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Question #1

The 'Goods and Services Tax' on fruit juices is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option A

Explanation:
Fruit juices attract 12% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'forward market' in foreign exchange deals with:

A. only spot transactions

B. immediate delivery of currencies

C. only government transactions

D. delivery of currencies at a future date at a predetermined rate

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Correct Answer: Option D

Explanation:
The forward market deals with contracts for future delivery of currencies at predetermined rates.

This question belongs to: Economy GK Economy Set 1

Question #3

The expenditure on old age pension is classified as:

A. revenue expenditure

B. developmental expenditure

C. plan expenditure

D. capital expenditure

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Correct Answer: Option A

Explanation:
Old age pension is a recurring revenue expenditure that does not create assets.

This question belongs to: Economy GK Economy Set 1

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