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. GST Council

B. President

C. SEBI

D. RBI

Answer: Option A

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 'Goods and Services Tax' on air travel business class is:

A. 18%

B. 12%

C. 28%

D. 5%

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Correct Answer: Option B

Explanation:
Business class air travel is 12% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. 0%

B. 12%

C. 18%

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

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Correct Answer: Option D

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

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following was a central objective of the Mahalanobis strategy in the Second Plan?

A. investment in heavy and capital goods industries

B. land reforms

C. export promotion

D. promotion of cottage industries

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Correct Answer: Option A

Explanation:
The Mahalanobis strategy emphasized investment in heavy and capital goods industries.

This question belongs to: Economy GK Economy Set 1

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