The 'Goods and Services Tax' on imitation jewellery is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on imitation jewellery is:

A. 12%

B. 18%

C. 3%

D. 5%

Answer: Option D

Solution (By JKSSB Mock Tests)

Imitation jewellery attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'National Income' in India is now compiled by:

A. NITI Aayog

B. RBI

C. Ministry of Finance

D. National Statistical Office

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Correct Answer: Option D

Explanation:
National income is compiled by the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Cheque Truncation System' processes cheques by:

A. converting cheques into cash immediately

B. transmitting electronic image of the cheque

C. physically moving cheques to the paying bank

D. destroying all cheques

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Correct Answer: Option B

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

This question belongs to: Economy GK Economy Set 1

Question #3

In the expenditure method of GDP estimation, which of the following is included?

A. Intermediate consumption

B. Transfer payments

C. Final consumption expenditure

D. Sale of old shares

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Correct Answer: Option C

Explanation:
The expenditure method includes final consumption expenditure, investment, government expenditure and net exports.

This question belongs to: Economy GK Economy Set 1

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