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

Question

Share Report Error

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

A. 28%

B. 12%

C. 18%

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

The 'FRBM Act' requires the government to present a 'Medium Term Fiscal Policy Statement' along with the budget to Parliament.

A. Only for states

B. Only in election years

C. False

D. True

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
The FRBM Act requires the government to present a Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macroeconomic Framework Statement.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

In the context of labour markets, the 'Efficiency Wage' theory suggests that:

A. Firms may pay wages above the market-clearing level to raise productivity or reduce turnover

B. Unemployment is only voluntary

C. Only competitive wages maximise effort

D. Wages are always equal to the marginal product of labour

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Efficiency-wage theories argue that higher wages can increase worker effort, reduce shirking, lower turnover or improve the quality of applicants, so that firms may optimally set wages above the market-clearing level.

This question belongs to: Economy GK Economy Set 1