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

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

A. 5%

B. 0%

C. not under GST

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

Electricity is outside GST and subject to state electricity duties.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Personal Disposable Income' is personal income minus:

A. direct personal taxes and other deductions

B. indirect taxes

C. customs duty

D. corporate tax

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Correct Answer: Option A

Explanation:
Personal disposable income is personal income minus direct personal taxes and other receipts of government.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Opportunity Cost' is central to which branch of economics?

A. Both micro and macroeconomics

B. Only macroeconomics

C. Only international economics

D. Only microeconomics

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Correct Answer: Option A

Explanation:
Opportunity cost is a fundamental concept used in both microeconomics (individual choice) and macroeconomics (resource allocation at national level).

This question belongs to: Economy GK Economy Set 1

Question #3

The Wholesale Price Index in India measures price movements of:

A. services only

B. goods only

C. agricultural products only

D. goods and services

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Correct Answer: Option B

Explanation:
WPI measures price movements of goods only; it does not include services.

This question belongs to: Economy GK Economy Set 1

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