The 'Goods and Services Tax' rate on admission to cultural events is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on admission to cultural events is:

A. 0%

B. 28%

C. 18%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Admission to cultural events generally attracts 18% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Stranded Assets' in the energy transition refers to:

A. Assets that suffer unanticipated write-downs or devaluations because of climate-related risks and the shift to a low-carbon economy

B. Only financial assets unrelated to the real economy

C. Only newly created green assets

D. Only fully depreciated assets

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Correct Answer: Option A

Explanation:
Stranded assets are those that lose economic value prematurely as a result of changes associated with the energy transition, such as policy shifts, technological change or shifts in demand away from fossil fuels.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Intergenerational Equity' in fiscal policy emphasises:

A. Only reducing taxes for the current generation

B. Fair distribution of the burden of public debt between present and future generations

C. Only short-term stabilisation

D. Only maximising current consumption

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Correct Answer: Option B

Explanation:
Intergenerational equity requires that the burden of financing public expenditure and debt is distributed fairly across generations so that future generations are not unduly burdened.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of Indian economy, NITI Aayog replaced which institution?

A. Election Commission

B. Finance Commission

C. Planning Commission

D. University Grants Commission

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Correct Answer: Option C

Explanation:
NITI Aayog (National Institution for Transforming India) was established in 2015, replacing the Planning Commission which was set up in 1950.

This question belongs to: Economy GK Economy Set 1

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