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

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

A. 12%

B. 0%

C. 18%

D. 5%

Answer: Option D

Solution (By JKSSB Mock Tests)

Footwear up to Rs 1,000 attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'European Central Bank' is headquartered in:

A. Berlin

B. Brussels

C. Paris

D. Frankfurt

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Correct Answer: Option D

Explanation:
The European Central Bank is headquartered in Frankfurt, Germany.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Periodic Labour Force Survey' provides estimates of unemployment by:

A. daily only

B. usual status, CWS and current daily status

C. weekly only

D. monthly

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Correct Answer: Option B

Explanation:
PLFS gives unemployment estimates by usual status, current weekly status and current daily status.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Gross Domestic Product' at market prices equals GVA at basic prices plus:

A. depreciation

B. product taxes minus product subsidies

C. product subsidies minus product taxes

D. net factor income from abroad

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Correct Answer: Option B

Explanation:
GDP at market prices = GVA at basic prices + product taxes - product subsidies.

This question belongs to: Economy GK Economy Set 1

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