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

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The 'Goods and Services Tax' on lottery tickets is:

A. 28%

B. 18%

C. 12%

D. 0%

Answer: Option A

Solution (By JKSSB Mock Tests)

Lottery tickets attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Repo Rate' is the rate at which:

A. Government borrows from the public

B. Banks lend to each other in the call market

C. Commercial banks borrow from the RBI against collateral of government securities

D. RBI borrows from commercial banks

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Correct Answer: Option C

Explanation:
Repo rate is the interest rate at which the RBI lends short-term funds to commercial banks against the collateral of government securities under the Liquidity Adjustment Facility.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Factories Act' in India was enacted in which year?

A. 1956

B. 1948

C. 1947

D. 1950

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Correct Answer: Option B

Explanation:
The Factories Act was enacted in 1948.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on logistics services is:

A. 28%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Logistics services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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