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

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The 'Goods and Services Tax' on mineral water is:

A. 28%

B. 5%

C. 18%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Mineral water attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Deadweight Loss' arises due to:

A. Free trade

B. Market distortions such as taxes, subsidies or monopolies

C. Efficient resource allocation

D. Perfect competition

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Correct Answer: Option B

Explanation:
Deadweight loss is the loss of economic efficiency that occurs when the equilibrium quantity is not achieved due to market imperfections or government interventions.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Form 26AS' is an income tax document that shows:

A. bank statements

B. tax deducted and deposited against PAN

C. salary only

D. stock holdings

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Correct Answer: Option B

Explanation:
Form 26AS shows tax deducted and deposited against a PAN.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Consumer Price Index' measures:

A. wholesale prices

B. prices of imports

C. retail prices paid by consumers

D. prices of exports

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Correct Answer: Option C

Explanation:
CPI measures changes in retail prices paid by consumers.

This question belongs to: Economy GK Economy Set 1

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