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

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

A. 18%

B. 5%

C. 28%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Economy class air travel attracts 5% 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 the Classical theory of interest?

A. Interest is determined by demand and supply of money

B. Interest is determined by demand and supply of real savings and investment

C. Liquidity preference determines interest

D. Interest is a monetary phenomenon only

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Correct Answer: Option B

Explanation:
In classical theory, the rate of interest is a real phenomenon determined by the demand for investment and the supply of savings.

This question belongs to: Economy GK Economy Set 1

Question #2

Capital account convertibility means:

A. free conversion of the rupee for current account transactions only

B. fixed exchange rate

C. abolition of all capital controls

D. free conversion of the rupee into foreign currency for capital account transactions

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Correct Answer: Option D

Explanation:
Capital account convertibility allows free conversion of the rupee for capital account transactions.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Red Revolution' in India is associated with:

A. meat and tomato production

B. wheat

C. rice

D. sugarcane

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Correct Answer: Option A

Explanation:
The Red Revolution is associated with meat and tomato production.

This question belongs to: Economy GK Economy Set 1

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