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. 5% without ITC

B. 28%

C. 12%

D. 18%

Answer: Option A

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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Question #1

The 'corruption perception index' is published by:

A. WEF

B. Transparency International

C. IMF

D. World Bank

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Correct Answer: Option B

Explanation:
Transparency International publishes the Corruption Perceptions Index.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'SAARC' grouping includes how many member countries?

A. 6

B. 12

C. 10

D. 8

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Correct Answer: Option D

Explanation:
SAARC has 8 member countries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Smithsonian Agreement' of 1971 attempted to:

A. abolish the IMF

B. realign fixed exchange rates after the collapse of the dollar-gold link

C. ban currency trading

D. create the euro

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Correct Answer: Option B

Explanation:
The Smithsonian Agreement attempted to establish new fixed exchange rate parities after the dollar-gold link ended.

This question belongs to: Economy GK Economy Set 1

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