The 'Goods and Services Tax' on long-term lease of industrial plots is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on long-term lease of industrial plots is:

A. 12%

B. 18%

C. 0%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Long-term lease of industrial plots attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on education and health care is zero because:

A. they are outside GST

B. they are considered essential services

C. they are luxury services

D. they are taxed by states

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Correct Answer: Option B

Explanation:
Education and health care are essential services and are exempted.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'dumping margin' is the difference between:

A. export price and cost of production

B. export price and home market price

C. tariff and subsidy

D. import price and domestic price

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Correct Answer: Option B

Explanation:
Dumping margin is the difference between the normal value (home market price) and export price.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of a mixed economy?

A. Absence of government intervention

B. Complete private ownership of resources

C. Complete government ownership of resources

D. Coexistence of public and private sectors

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Correct Answer: Option D

Explanation:
A mixed economy is characterised by the coexistence of both public and private sectors, with government intervention to correct market failures.

This question belongs to: Economy GK Economy Set 1

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