The 'Goods and Services Tax' rate on packaged food items may be: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on packaged food items may be:

A. 18% only

B. 0%

C. 5% or 12% depending on the product

D. 28% only

Answer: Option C

Solution (By JKSSB Mock Tests)

Packaged food items attract 5% or 12% GST depending on the product.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'National Skill Development Corporation' was set up as a:

A. public-private partnership

B. government department

C. regulatory body

D. state-owned company only

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Correct Answer: Option A

Explanation:
NSDC is a public-private partnership for skill development.

This question belongs to: Economy GK Economy Set 1

Question #2

If GDP at factor cost is Rs 1,000 crore, indirect taxes are Rs 200 crore and subsidies are Rs 50 crore, then GDP at market prices is:

A. Rs 1,250 crore

B. Rs 950 crore

C. Rs 850 crore

D. Rs 1,150 crore

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Correct Answer: Option D

Explanation:
GDP at market prices = 1000 + 200 - 50 = Rs 1,150 crore.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Fintech' revolution in financial services?

A. The complete replacement of all traditional banks overnight

B. Only the activities of central banks

C. The use of technology to deliver financial services in new ways, often by non-traditional providers

D. Only the use of paper-based processes

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Correct Answer: Option C

Explanation:
Fintech refers to technological innovation in the design and delivery of financial services, encompassing payments, lending, insurance, wealth management and other activities often provided by new entrants.

This question belongs to: Economy GK Economy Set 1

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