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. 5%

B. 18%

C. 0%

D. 12%

Answer: Option C

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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The 'Goods and Services Tax' on long-term lease of industrial plots is:

A. 18%

B. 5%

C. 12%

D. 0%

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Correct Answer: Option A

Explanation:
Long-term lease of industrial plots attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a component of India's foreign exchange reserves?

A. Foreign direct investment

B. Gold

C. Foreign currency assets

D. SDRs

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Correct Answer: Option A

Explanation:
FDI is a capital flow, not a component of foreign exchange reserves.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'unemployment rate' in India measured by PLFS is the percentage of unemployed among:

A. total population

B. working-age population

C. employed persons

D. labour force

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Correct Answer: Option D

Explanation:
Unemployment rate is unemployed as a percentage of the labour force.

This question belongs to: Economy GK Economy Set 1

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