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

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The 'Goods and Services Tax' on salon services is:

A. 28%

B. 12%

C. 5%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Salon services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Land ceiling laws aim to:

A. increase land concentration

B. abolish all private land ownership

C. limit the maximum land area an individual can hold

D. promote urbanization

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Correct Answer: Option C

Explanation:
Land ceiling laws limit the maximum landholding an individual can own to redistribute surplus land.

This question belongs to: Economy GK Economy Set 1

Question #2

The Marginal Standing Facility allows banks to borrow overnight from RBI:

A. against corporate bonds

B. against approved government securities

C. without any collateral

D. against foreign currency

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Correct Answer: Option B

Explanation:
MSF allows banks to borrow overnight from the RBI against approved government securities.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Horizontal Equity' in taxation requires that:

A. Individuals with the same ability to pay should pay the same tax

B. Individuals with higher ability to pay should pay proportionally more

C. Taxes should be independent of ability to pay

D. Only vertical equity matters

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Correct Answer: Option A

Explanation:
Horizontal equity is the principle that taxpayers with equal capacity to pay (usually measured by income or wealth) should bear equal tax burdens.

This question belongs to: Economy GK Economy Set 1

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