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. 12%

B. 5%

C. 28%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Mineral water attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

For a normal good, a fall in its price creates:

A. negative income effect only

B. positive substitution effect and positive income effect

C. zero income effect

D. negative substitution effect

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Correct Answer: Option B

Explanation:
For a normal good, both substitution effect and income effect work in the same direction when price falls, increasing quantity demanded.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of banking, the Statutory Liquidity Ratio (SLR) is maintained in the form of:

A. Cash, gold and approved securities

B. Only cash

C. Only foreign exchange

D. Only equity shares

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Correct Answer: Option A

Explanation:
Banks are required to maintain SLR in the form of cash, gold or unencumbered approved securities as a percentage of their Net Demand and Time Liabilities.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on horse racing is:

A. 18%

B. 28%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Horse racing services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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