The 'Goods and Services Tax' on petroleum and natural gas is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on petroleum and natural gas is:

A. not under GST

B. 5%

C. 0%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Petroleum products and natural gas are outside GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the two-commodity consumer equilibrium condition, which equality must hold?

A. MUx = MUy

B. Px × MUx = Py × MUy

C. Px/Py = MUy/MUx

D. MUx/Px = MUy/Py

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Correct Answer: Option D

Explanation:
The consumer is in equilibrium when marginal utility per rupee is equal for all goods: MUx/Px = MUy/Py.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of:

A. Asia-Pacific, including ASEAN and major partners

B. South America

C. European Union

D. Africa only

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Correct Answer: Option A

Explanation:
RCEP is a free trade agreement among Asia-Pacific countries including ASEAN, China, Japan, South Korea, Australia and New Zealand.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on books is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option C

Explanation:
Printed books are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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