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

The 'Goods and Services Tax' on hotel rooms with tariff above Rs 7,500 is:
A. 5%
B. 12%
C. 28%
D. 18%
Answer: Option D
Solution (By JKSSB Mock Tests)
Hotel rooms above Rs 7,500 tariff attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a cause of frictional unemployment?
A. Economic recession
B. Time taken to find a new job after leaving the previous one
C. Decline of an industry
D. Seasonal nature of agriculture

Correct Answer: Option B


Explanation:
Frictional unemployment occurs due to the time lag involved in people searching for and moving between jobs. It is short-term and voluntary in nature.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a source of agricultural finance in India?
A. Commercial banks
B. NABARD
C. Stock exchanges for small farmers
D. Cooperative societies

Correct Answer: Option C


Explanation:
Stock exchanges primarily serve corporate entities. Agricultural finance is provided by commercial banks, cooperatives, RRBs and refinanced by NABARD.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a type of unemployment based on cause?
A. Cyclical
B. Frictional
C. Voluntary as the only cause-based type
D. Structural

Correct Answer: Option C


Explanation:
While unemployment can be voluntary or involuntary, the standard cause-based classification includes frictional, structural, cyclical and seasonal unemployment.

This question belongs to: Economy GK Economy Set 1