The 'Goods and Services Tax' on sale of used goods is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on sale of used goods is:

A. 28%

B. levied on margin

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

GST on used goods is levied on the margin for registered dealers under the margin scheme.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a quantitative credit control measure of RBI?

A. Variable Reserve Requirements

B. Open Market Operations

C. Bank Rate Policy

D. Credit Rationing

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Correct Answer: Option D

Explanation:
Credit rationing is a qualitative (selective) credit control measure. Bank Rate, OMO and variable reserve ratios (CRR/SLR) are quantitative measures.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Jal Jeevan Mission' aims to provide tap water to rural households by:

A. 2022

B. 2030

C. 2025

D. 2024

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Correct Answer: Option D

Explanation:
Jal Jeevan Mission aims to provide tap water to all rural households by 2024.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Pigou effect' suggests that falling prices:

A. increase unemployment

B. reduce money supply

C. reduce real wealth

D. increase real wealth and consumption

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Correct Answer: Option D

Explanation:
The Pigou effect states that lower prices raise real wealth and stimulate consumption.

This question belongs to: Economy GK Economy Set 1

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