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

The 'Goods and Services Tax' on jewellery is:
A. 5%
B. 12%
C. 18%
D. 3%
Answer: Option D
Solution (By JKSSB Mock Tests)
Gold, silver and jewellery attract 3% GST.

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Practice More Economy Set 1 Questions

Question #1
In the context of the production possibility frontier, an outward shift indicates:
A. Underutilisation of resources
B. Inefficient allocation of resources
C. A decline in the productive capacity of the economy
D. Economic growth arising from an increase in resources or improvement in technology

Correct Answer: Option D


Explanation:
An outward shift of the PPF reflects an increase in the economy's productive capacity due to growth in resources or technological progress.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Integrated Goods and Services Tax Act' was passed in which year?
A. 2016
B. 2017
C. 2018
D. 2015

Correct Answer: Option B


Explanation:
IGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the mixed economy model adopted by India?
A. Complete private ownership of all means of production
B. Absence of market mechanism
C. Complete central planning without private enterprise
D. Coexistence of public and private sectors with government regulation

Correct Answer: Option D


Explanation:
India adopted a mixed economy framework where both public and private sectors coexist, with the government playing a regulatory and developmental role.

This question belongs to: Economy GK Economy Set 1