The 'Goods and Services Tax' on precious stones is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on precious stones is:

A. 5%

B. 12%

C. 3%

D. 0.25%

Answer: Option D

Solution (By JKSSB Mock Tests)

Precious stones attract 0.25% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'strategic sale' in disinvestment means:

A. sale of shares in the stock market

B. merger of two PSUs

C. sale of controlling shareholding to a private or strategic buyer

D. buyback of shares

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Correct Answer: Option C

Explanation:
Strategic sale involves transfer of management control.

This question belongs to: Economy GK Economy Set 1

Question #2

In the Keynesian framework, the paradox of thrift states that:

A. An increase in saving by all individuals leads to higher aggregate saving and income

B. Saving always equals investment automatically

C. An increase in saving by all individuals may lead to a fall in aggregate income and saving

D. Thrift is always beneficial for economic growth

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Correct Answer: Option C

Explanation:
The paradox of thrift argues that if everyone tries to save more during a recession, aggregate demand falls, leading to lower income and ultimately lower total saving.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Credit Information Bureau (India) Limited' is commonly known as:

A. ICRA

B. CIBIL

C. CRISIL

D. CARE

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Correct Answer: Option B

Explanation:
Credit Information Bureau (India) Limited is known as CIBIL.

This question belongs to: Economy GK Economy Set 1

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