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

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The 'Goods and Services Tax' on small cars is:

A. 18%

B. 12%

C. 28% plus cess

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Small cars attract 28% GST plus cess, with lower rates for some categories.

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 a tertiary sector activity?

A. Software services

B. Agriculture

C. Mining

D. Construction

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Correct Answer: Option A

Explanation:
Software services are part of the tertiary or services sector.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on healthcare and education being exempt is intended to:

A. increase government revenue

B. make essential services affordable

C. increase tax burden

D. promote imports

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Correct Answer: Option B

Explanation:
Exempting essential services like health and education makes them affordable.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'FRBM Act' requires the government to present a 'Medium Term Fiscal Policy Statement' along with the budget to Parliament.

A. Only for states

B. Only in election years

C. True

D. False

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Correct Answer: Option C

Explanation:
The FRBM Act requires the government to present a Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macroeconomic Framework Statement.

This question belongs to: Economy GK Economy Set 1

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