The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is:

A. 18%

B. 12%

C. 28%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Cinema tickets above Rs 100 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Finance Commission' is appointed every how many years?

A. 5 years

B. 10 years

C. 3 years

D. 6 years

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Correct Answer: Option A

Explanation:
The Finance Commission is constituted every five years under Article 280.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is the formula for calculating fiscal deficit?

A. Capital expenditure − Capital receipts

B. Total expenditure − Total receipts including borrowings

C. Revenue expenditure − Revenue receipts

D. Total expenditure − Total receipts excluding borrowings

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Correct Answer: Option D

Explanation:
Fiscal deficit = Total expenditure − (Revenue receipts + Non-debt capital receipts). It indicates the total borrowing requirement of the government.

This question belongs to: Economy GK Economy Set 1

Question #3

The law of demand states that, other things being equal, as price of a good rises:

A. demand falls

B. quantity demanded falls

C. demand rises

D. quantity demanded rises

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Correct Answer: Option B

Explanation:
The law of demand states an inverse relationship between price and quantity demanded.

This question belongs to: Economy GK Economy Set 1

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