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

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The 'Goods and Services Tax' rate on bicycles is:

A. 0%

B. 12%

C. 18%

D. 5%

Answer: Option D

Solution (By JKSSB Mock Tests)

Bicycles attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Model APMC Act' was circulated by the central government in which year?

A. 2006

B. 2003

C. 2000

D. 2010

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Correct Answer: Option B

Explanation:
The Model APMC Act was circulated in 2003 to promote reforms in agricultural marketing.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a measure of economic inequality?

A. Human Development Index as a pure inequality measure

B. Only unemployment rate

C. Only GDP growth rate

D. Gini coefficient, Lorenz curve and Theil index

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Correct Answer: Option D

Explanation:
The Gini coefficient, Lorenz curve and Theil index are standard measures used to quantify the degree of inequality in the distribution of income or wealth.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'self-assessment tax' is paid by a taxpayer:

A. by employer only

B. only after a notice

C. on the basis of self-computation before filing return

D. after assessment by the department

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Correct Answer: Option C

Explanation:
Self-assessment tax is computed and paid by the taxpayer before filing return.

This question belongs to: Economy GK Economy Set 1

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