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

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The 'Goods and Services Tax' on salt is:

A. 5%

B. 12%

C. 0%

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

Common salt is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Purchasing Managers' Index' for India is compiled by:

A. NSO

B. SEBI

C. S&P Global and other agencies

D. RBI

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Correct Answer: Option C

Explanation:
India's PMI is compiled by S&P Global and other agencies.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a qualitative method of credit control used by RBI?

A. Bank Rate

B. Open Market Operations

C. Cash Reserve Ratio

D. Moral Suasion

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Correct Answer: Option D

Explanation:
Moral suasion is a qualitative (selective) method of credit control where RBI persuades banks to follow certain credit policies. Bank Rate, OMO and CRR are quantitative methods.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'GST' has helped in creating a unified national market by:

A. raising state VAT rates

B. increasing check posts

C. increasing entry taxes

D. removing cascading taxes and multiple state-level barriers

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Correct Answer: Option D

Explanation:
GST removed cascading taxes and state barriers, creating a unified market.

This question belongs to: Economy GK Economy Set 1

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