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. 5%

C. 28% plus cess

D. 18%

Answer: Option C

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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Practice More Economy Set 1 Questions

Question #1

Balance of Trade refers to the difference between:

A. capital inflows and outflows

B. foreign exchange reserves and gold

C. exports and imports of goods and services

D. exports and imports of goods only

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Correct Answer: Option D

Explanation:
Balance of Trade is the difference between a country's exports and imports of goods only.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is an example of a progressive tax system feature?

A. Same tax rate for all income levels

B. Higher tax rate on higher income slabs

C. Tax rate independent of income

D. Higher tax burden on lower income groups

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Correct Answer: Option B

Explanation:
A progressive tax system imposes higher marginal tax rates on higher income levels, increasing the average tax rate as income rises.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'MUDRA' loans are extended to:

A. large industries

B. multinational corporations

C. state governments

D. micro and small enterprises

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Correct Answer: Option D

Explanation:
MUDRA provides loans to micro and small enterprises.

This question belongs to: Economy GK Economy Set 1

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