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. 5%

C. 28% plus cess

D. 18%

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' rate on automobiles is generally:

A. 12%

B. 5%

C. 18%

D. 28% plus cess

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Correct Answer: Option D

Explanation:
Automobiles generally attract 28% GST plus compensation cess.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Minimum Support Price' is based on which cost concept?

A. only paid-out costs

B. A2 + FL cost

C. C3 cost only

D. C2 cost

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Correct Answer: Option B

Explanation:
MSP is based on A2 plus family labour (FL) cost, though CACP recommends and government can consider C2.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the Mahalanobis model used in Indian planning?

A. Focus on export-led growth only

B. Emphasis on agriculture and consumer goods

C. Complete reliance on private sector investment

D. Emphasis on heavy industries and capital goods sector

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Correct Answer: Option D

Explanation:
The Mahalanobis model, used in the Second Five Year Plan, stressed the development of heavy and capital goods industries to build a strong industrial base.

This question belongs to: Economy GK Economy Set 1

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