The 'Goods and Services Tax' rate on footwear above Rs 1,000 is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on footwear above Rs 1,000 is:

A. 12%

B. 18%

C. 5%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Footwear above Rs 1,000 attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on electricity transmission and distribution is:

A. 18%

B. 0%

C. not under GST

D. 5%

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Correct Answer: Option C

Explanation:
Electricity transmission and distribution are outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of economic reforms, 'Disinvestment' involves:

A. Sale of government equity in public sector enterprises

B. Nationalisation of private firms

C. Increasing government stake in public sector enterprises

D. Complete closure of all public enterprises

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Correct Answer: Option A

Explanation:
Disinvestment refers to the sale of government-held shares in public sector enterprises to private investors or the public, thereby reducing the government's ownership stake.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'International Poverty Line' of the World Bank is currently set at:

A. USD 10 per day

B. USD 1.00 per day

C. USD 2.15 per day in 2017 PPP

D. USD 5.50 per day

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Correct Answer: Option C

Explanation:
The World Bank's international poverty line is USD 2.15 per day in 2017 PPP.

This question belongs to: Economy GK Economy Set 1

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