The 'Goods and Services Tax' rate on automobiles is generally: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on automobiles is generally:

A. 12%

B. 28% plus cess

C. 18%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Automobiles generally attract 28% GST plus compensation cess.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on DTH services is:

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option B

Explanation:
DTH services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Budget' in India was separated from the Railway Budget in which year?

A. 1950

B. 1921

C. 1924

D. 1947

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Correct Answer: Option C

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Central Board of Indirect Taxes and Customs' administers:

A. wealth tax

B. corporate tax

C. income tax

D. GST, customs and indirect taxes

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Correct Answer: Option D

Explanation:
CBIC administers GST, customs and other indirect taxes.

This question belongs to: Economy GK Economy Set 1

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