The 'Goods and Services Tax' rate applicable to a supply is determined by: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate applicable to a supply is determined by:

A. RBI

B. GST Council

C. President

D. SEBI

Answer: Option B

Solution (By JKSSB Mock Tests)

GST rates are recommended by the GST Council.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Primary Market' in the capital market is the market for:

A. Trading of existing securities

B. Only short-term money market instruments

C. Only agricultural commodities

D. Issue of new securities by companies and governments

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Correct Answer: Option D

Explanation:
The primary market is where new securities are issued and sold for the first time to raise fresh capital. The secondary market deals with subsequent trading of existing securities.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Brexit' refers to the exit of which country from the European Union?

A. United Kingdom

B. France

C. Germany

D. Italy

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Correct Answer: Option A

Explanation:
Brexit refers to the United Kingdom's exit from the European Union.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on electricity is:

A. 18%

B. 0%

C. 5%

D. not under GST

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Correct Answer: Option D

Explanation:
Electricity is outside GST.

This question belongs to: Economy GK Economy Set 1

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