The 'Goods and Services Tax' on lottery, betting and gambling is part of the: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on lottery, betting and gambling is part of the:

A. 12% slab

B. 5% slab

C. 18% slab

D. 28% slab plus cess

Answer: Option D

Solution (By JKSSB Mock Tests)

Lottery, betting and gambling are in the 28% slab.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Finance Commission' recommends distribution of which tax proceeds between the Centre and states?

A. central excise duties only

B. corporate tax only

C. Customs duties only

D. net proceeds of divisible taxes

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Correct Answer: Option D

Explanation:
The Finance Commission recommends distribution of net proceeds of divisible taxes between Centre and states.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on real estate under-construction commercial property is:

A. 18%

B. 5%

C. 12%

D. 28%

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Correct Answer: Option C

Explanation:
Commercial under-construction property attracts 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following has been a major driver of service sector growth in India?

A. Only growth in agricultural productivity

B. IT and IT-enabled services, liberalisation and rising incomes

C. Decline in domestic and global demand

D. Complete restriction on foreign investment in services

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Correct Answer: Option B

Explanation:
The expansion of IT and ITES, financial services, trade and tourism, supported by liberalisation and rising incomes, has driven the rapid growth of India's service sector.

This question belongs to: Economy GK Economy Set 1

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