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

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The 'Goods and Services Tax' rate on luxury cars is:

A. 18%

B. 12%

C. 28%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Luxury cars attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of the Indian economy, GST is best described as:

A. A direct tax on income

B. A comprehensive indirect tax on the supply of goods and services with a dual structure

C. A wealth tax

D. A corporate tax levied only on companies

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Correct Answer: Option B

Explanation:
GST is a destination-based, multi-stage indirect tax levied on the supply of goods and services, administered jointly by the Centre and the States.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of a planned economy?

A. Decentralised decision making

B. Price determination solely by market forces

C. Private ownership of all resources

D. Centralised planning of resource allocation

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Correct Answer: Option D

Explanation:
In a planned (command) economy, the central authority plans and allocates resources according to predetermined objectives rather than market signals.

This question belongs to: Economy GK Economy Set 1