The 'Goods and Services Tax' on ice cream is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on ice cream is:

A. 18%

B. 28%

C. 12%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Ice cream attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'one rupee note' bears the signature of:

A. Finance Minister

B. RBI Governor

C. President

D. Finance Secretary

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Correct Answer: Option D

Explanation:
The one rupee note bears the signature of the Finance Secretary.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'First Advance Estimates' of GDP for a financial year in India are released by:

A. NITI Aayog

B. Ministry of Finance

C. RBI

D. National Statistical Office

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Correct Answer: Option D

Explanation:
The NSO releases advance estimates of GDP.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Banking Ombudsman' is appointed for a tenure of:

A. 5 years

B. 1 year

C. 6 years

D. 3 years

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Correct Answer: Option D

Explanation:
Banking Ombudsmen are appointed for a three-year term.

This question belongs to: Economy GK Economy Set 1

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