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

Question

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

A. 0%

B. 18%

C. 12%

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

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The 'Rangarajan Committee' on poverty submitted its report in which year?

A. 2014

B. 2016

C. 2011

D. 2018

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Correct Answer: Option A

Explanation:
The Rangarajan Committee on poverty submitted its report in 2014.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a measure to control inflation?

A. Increase in CRR and SLR

B. Reduction in bank rate

C. Increase in government expenditure

D. Reduction in taxes during high inflation

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Correct Answer: Option A

Explanation:
Raising CRR and SLR reduces the lending capacity of banks, thereby contracting money supply and helping to control inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Skill India Mission' was launched in which year?

A. 2015

B. 2014

C. 2017

D. 2016

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Correct Answer: Option A

Explanation:
Skill India Mission was launched in 2015.

This question belongs to: Economy GK Economy Set 1

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