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

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The 'Goods and Services Tax' rate on periodicals and journals is:

A. 18%

B. 0%

C. 12%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Periodicals and journals are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a characteristic of a public good?

A. Non-excludable but rivalrous

B. Non-excludable and non-rivalrous

C. Excludable and rivalrous

D. Excludable but non-rivalrous

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Correct Answer: Option B

Explanation:
Public goods are non-excludable (difficult to prevent non-payers from consuming) and non-rivalrous (one person's consumption does not reduce availability for others).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on yachts and aircraft is:

A. 28% plus cess

B. 12%

C. 18%

D. 5%

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Correct Answer: Option A

Explanation:
Yachts and aircraft attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'currency board' system is a form of:

A. fixed exchange rate with full backing of domestic currency by foreign reserves

B. floating exchange rate

C. managed float

D. free float

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Correct Answer: Option A

Explanation:
A currency board pegs the domestic currency to a foreign currency with full reserve backing.

This question belongs to: Economy GK Economy Set 1

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