The 'Goods and Services Tax' rate on education and health care is zero because: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on education and health care is zero because:

A. they are outside GST

B. they are luxury services

C. they are taxed by states

D. they are considered essential services

Answer: Option D

Solution (By JKSSB Mock Tests)

Education and health care are essential services and are exempted.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on penal interest on loans is:

A. 18%

B. exempt

C. 0%

D. 12%

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Correct Answer: Option B

Explanation:
Penal interest on loans is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'average propensity to consume' is calculated as:

A. total saving divided by total income

B. total consumption divided by total income

C. change in consumption divided by change in income

D. total income divided by total consumption

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Correct Answer: Option B

Explanation:
APC is total consumption divided by total income.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of Indian banking, the term 'Priority Sector Lending' includes advances to:

A. Only infrastructure projects by private companies

B. Only large industrial houses

C. Agriculture, micro and small enterprises, education and housing

D. Only export-oriented units

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Correct Answer: Option C

Explanation:
Priority Sector Lending targets sectors such as agriculture, micro, small and medium enterprises, education, housing, social infrastructure and renewable energy.

This question belongs to: Economy GK Economy Set 1

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