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

Question

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

A. 5%

B. 28%

C. 18%

D. 12%

Answer: Option C

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 'Goods and Services Tax' Council decisions are implemented by:

A. RBI

B. Supreme Court

C. SEBI

D. central and state governments through respective GST laws

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Correct Answer: Option D

Explanation:
Central and state governments implement GST Council recommendations through their GST laws.

This question belongs to: Economy GK Economy Set 1

Question #2

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The Laffer curve shows the relationship between:

A. tax rate and tax revenue

B. income and consumption

C. interest rate and investment

D. inflation and unemployment

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Correct Answer: Option A

Explanation:
The Laffer curve shows the relationship between tax rates and total tax revenue.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the Indian industrial policy after 1991?

A. Complete nationalisation of industries

B. Restriction on foreign investment

C. Expansion of the licence-permit raj

D. Liberalisation, delicensing and greater role for private sector

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Correct Answer: Option D

Explanation:
The 1991 Industrial Policy emphasised liberalisation, abolition of industrial licensing for most industries, and encouragement of private and foreign investment.

This question belongs to: Economy GK Economy Set 1

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