The 'Goods and Services Tax' on race club services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on race club services is:

A. 12%

B. 18%

C. 5%

D. 28%

Answer: Option D

Solution (By JKSSB Mock Tests)

Race club services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on luxury cars is:

A. 5%

B. 28%

C. 12%

D. 18%

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Correct Answer: Option B

Explanation:
Luxury cars attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'debit card' enables a customer to:

A. spend money directly from their bank account

B. buy stocks

C. take insurance

D. borrow money for purchases

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Correct Answer: Option A

Explanation:
A debit card allows direct spending from a customer's bank account.

This question belongs to: Economy GK Economy Set 1

Question #3

The Fiscal Responsibility and Budget Management Act was enacted in which year?

A. 2003

B. 1999

C. 2005

D. 2001

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Correct Answer: Option A

Explanation:
The FRBM Act was enacted in 2003.

This question belongs to: Economy GK Economy Set 1

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