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

Question
The 'Goods and Services Tax' rate on electricity is:
A. not under GST
B. 0%
C. 18%
D. 5%
Answer: Option A
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 'asymmetric corridor' in Indian monetary policy refers to:
A. repo and reverse repo being equidistant from the policy rate
B. different widths of the corridor at different times or instruments
C. dual GST rates
D. fixed exchange rate bands
Discuss
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Correct Answer: Option B

Explanation:
The asymmetric corridor refers to variations in the distance between policy rate, MSF and reverse repo rates.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Liquidity Coverage Ratio' under Basel III?
A. It applies only to non-bank financial institutions
B. It measures only long-term funding stability
C. It requires banks to hold sufficient high-quality liquid assets to cover net cash outflows over 30 days
D. It is related only to capital adequacy
Discuss
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Correct Answer: Option C

Explanation:
The Liquidity Coverage Ratio (LCR) requires banks to maintain an adequate stock of unencumbered high-quality liquid assets that can be converted into cash to meet liquidity needs for a 30-calendar-day stress scenario.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on luxury cars is:
A. 12%
B. 5%
C. 18%
D. 28% plus cess
Discuss
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Correct Answer: Option D

Explanation:
Luxury cars attract 28% GST plus cess.
This question belongs to: Economy GK Economy Set 1
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