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. 0%

B. 12%

C. 18%

D. 28%

Answer: Option D

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 'Goods and Services Tax' on luxury cars is:

A. 28% plus cess

B. 18%

C. 5%

D. 12%

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Correct Answer: Option A

Explanation:
Luxury cars attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Precautionary Saving' arises because:

A. Individuals save only for retirement

B. Saving is independent of uncertainty

C. Individuals save more when future income is uncertain

D. Only permanent income matters

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Correct Answer: Option C

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a function of the World Bank?

A. Providing long-term loans for development projects

B. Technical assistance for development

C. Poverty reduction initiatives

D. Providing short-term balance of payments support

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Correct Answer: Option D

Explanation:
Short-term balance of payments support is primarily the function of the IMF. The World Bank focuses on long-term development finance and poverty reduction.

This question belongs to: Economy GK Economy Set 1

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