The 'Goods and Services Tax' on restaurant food is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on restaurant food is:

A. 12%

B. 5% without ITC

C. 18%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Restaurant services generally attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of market failure, 'Asymmetric Information' leads to:

A. Efficient market outcomes

B. Perfect competition

C. Zero transaction costs

D. Adverse selection and moral hazard

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Correct Answer: Option D

Explanation:
Asymmetric information, where one party has more information than the other, can lead to adverse selection (before the contract) and moral hazard (after the contract).

This question belongs to: Economy GK Economy Set 1

Question #2

A demat account is used for:

A. holding shares in electronic form

B. trading only in commodities

C. holding foreign currency

D. banking transactions only

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Correct Answer: Option A

Explanation:
A demat account holds securities in electronic form.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on health insurance premiums is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option D

Explanation:
Health insurance premiums attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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