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

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The 'Goods and Services Tax' on petroleum products is:

A. 12%

B. 18%

C. 5%

D. not levied currently

Answer: Option D

Solution (By JKSSB Mock Tests)

Petroleum crude, petrol, diesel, natural gas and ATF are currently outside GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of the Indian labour market?

A. Dominance of formal sector employment only

B. Large share of informal employment and dualism

C. Complete absence of unemployment

D. Uniform wages across sectors

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Correct Answer: Option B

Explanation:
The Indian labour market is characterised by a large informal sector, dualism between formal and informal employment, and significant underemployment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on coffee beans is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option B

Explanation:
Coffee beans attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The e-way bill under GST is required for the movement of goods with a value exceeding:

A. Rs 1,00,000

B. Rs 10,000

C. Rs 50,000

D. Rs 2,00,000

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Correct Answer: Option C

Explanation:
An e-way bill is required for movement of goods valued above Rs 50,000.

This question belongs to: Economy GK Economy Set 1

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