The 'Goods and Services Tax' rate on air travel in business class is: MCQ with Answer and Explanation

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

A. 18%

B. 12%

C. 28%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Business class air travel attracts 12% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of a flexible exchange rate system?

A. No role for speculation

B. Complete absence of central bank intervention in all cases

C. Exchange rate is fixed by government decree

D. Exchange rate is determined by market forces of demand and supply of foreign exchange

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Correct Answer: Option D

Explanation:
Under a pure flexible (floating) exchange rate system, the value of the currency is determined by the interaction of demand and supply in the foreign exchange market.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'International Bank for Reconstruction and Development' mainly provides:

A. loans to middle-income and creditworthy low-income countries

B. military aid

C. grants only

D. short-term balance of payments support

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Correct Answer: Option A

Explanation:
IBRD provides loans to middle-income and creditworthy low-income countries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Trusteeship Council' is one of the principal organs of:

A. United Nations

B. Commonwealth

C. SAARC

D. WTO

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Correct Answer: Option A

Explanation:
The Trusteeship Council is one of the six principal organs of the United Nations.

This question belongs to: Economy GK Economy Set 1

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