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. 5%

B. 18%

C. not levied currently

D. 12%

Answer: Option C

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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Question #1

The 'GST Council' has a secretariat located in:

A. Mumbai

B. Gandhinagar

C. New Delhi

D. Bengaluru

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Correct Answer: Option C

Explanation:
GST Council secretariat is in New Delhi.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' was launched in India on which date?

A. 1 April 2017

B. 15 August 2017

C. 1 January 2017

D. 1 July 2017

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Correct Answer: Option D

Explanation:
GST was launched on 1 July 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Reserve Bank of India' was modelled on which central bank?

A. Bank of England

B. European Central Bank

C. Bank of Japan

D. Federal Reserve System

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Correct Answer: Option A

Explanation:
The RBI was modelled on the Bank of England.

This question belongs to: Economy GK Economy Set 1

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