The 'Goods and Services Tax' on transport of passengers by rail is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on transport of passengers by rail is:

A. exempt for general class and 5% for AC classes

B. 12%

C. 0%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Rail passenger transport is exempt for general class and 5% for AC classes.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of monetary policy frameworks, 'Average Inflation Targeting' involves:

A. Only targeting the price level

B. Ignoring past inflation outcomes completely

C. Targeting an average inflation rate over a multi-year period, allowing temporary overshoots to make up for past undershoots

D. Targeting only the current inflation rate

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Correct Answer: Option C

Explanation:
Average inflation targeting commits the central bank to achieve an average inflation rate over a longer period, so that periods of below-target inflation are followed by periods of above-target inflation (and vice versa).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'intermediate consumption' in national accounting refers to:

A. final goods bought by households

B. capital goods

C. export goods

D. goods and services used up in production

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Correct Answer: Option D

Explanation:
Intermediate consumption is the value of goods and services used as inputs in production.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Foreign Direct Investment' limit in defence sector was increased to what percentage through the automatic route?

A. 74%

B. 49%

C. 100%

D. 26%

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Correct Answer: Option A

Explanation:
FDI in defence under automatic route is allowed up to 74%, with higher under government route.

This question belongs to: Economy GK Economy Set 1

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