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

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The 'Goods and Services Tax' rate on milk is:

A. 18%

B. 12%

C. 5%

D. 0%

Answer: Option D

Solution (By JKSSB Mock Tests)

Fresh milk is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is NOT included in the calculation of GDP at market prices?

A. Private consumption expenditure

B. Intermediate goods

C. Net exports

D. Gross investment

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Correct Answer: Option B

Explanation:
GDP includes only final goods and services to avoid double counting. Intermediate goods are not included in GDP calculation.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Deen Dayal Upadhyaya Gram Jyoti Yojana' aims at:

A. urban water supply

B. rural electrification and feeder separation

C. LPG distribution

D. road construction

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Correct Answer: Option B

Explanation:
DDUGJY aims at rural electrification and separation of agricultural and non-agricultural feeders.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Finance Commission' recommends distribution of which tax proceeds between the Centre and states?

A. net proceeds of divisible taxes

B. Customs duties only

C. corporate tax only

D. central excise duties only

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Correct Answer: Option A

Explanation:
The Finance Commission recommends distribution of net proceeds of divisible taxes between Centre and states.

This question belongs to: Economy GK Economy Set 1

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