The 'Goods and Services Tax' on takeaway food from restaurants is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on takeaway food from restaurants is:

A. 12%

B. 5%

C. 28%

D. 18%

Answer: Option B

Solution (By JKSSB Mock Tests)

Takeaway food from restaurants attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following has been a major driver of service sector growth in India?

A. Complete restriction on foreign investment in services

B. Decline in domestic and global demand

C. Only growth in agricultural productivity

D. IT and IT-enabled services, liberalisation and rising incomes

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Correct Answer: Option D

Explanation:
The expansion of IT and ITES, financial services, trade and tourism, supported by liberalisation and rising incomes, has driven the rapid growth of India's service sector.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is included in the current account of the Balance of Payments?

A. Trade in goods and services

B. NRI deposits

C. External commercial borrowing

D. Foreign direct investment

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Correct Answer: Option A

Explanation:
The current account includes trade in goods and services, income and current transfers.

This question belongs to: Economy GK Economy Set 1

Question #3

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External commercial borrowing refers to:

A. borrowing by the government from the RBI

B. borrowing from domestic banks

C. borrowing by Indian firms from foreign lenders

D. foreign direct investment

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Correct Answer: Option C

Explanation:
External commercial borrowing is commercial loans raised by Indian firms from foreign lenders.

This question belongs to: Economy GK Economy Set 1

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