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

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The 'Goods and Services Tax' on SUVs is:

A. 12%

B. 18%

C. 28% plus cess

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

SUVs attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

A. 5%

B. 0%

C. exempt

D. 18%

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Correct Answer: Option C

Explanation:
Ambulance services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of public debt, 'Internal Debt' refers to:

A. Only IMF loans

B. Debt owed to domestic creditors

C. Debt owed to foreign creditors

D. Only short-term external borrowings

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Correct Answer: Option B

Explanation:
Internal debt is the portion of public debt that is owed to lenders within the country, such as market borrowings, treasury bills and other domestic liabilities.

This question belongs to: Economy GK Economy Set 1

Question #3

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The IS curve shows combinations of income and interest rate where:

A. foreign exchange market is in equilibrium

B. goods market is in equilibrium

C. labour market is in equilibrium

D. money market is in equilibrium

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Correct Answer: Option B

Explanation:
The IS curve shows equilibrium in the goods market.

This question belongs to: Economy GK Economy Set 1

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