The 'Goods and Services Tax' rate on railway passenger transport is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on railway passenger transport is:

A. 12%

B. 18%

C. 0%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Railway passenger transport is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Consumer Surplus' was introduced by:

A. Adam Smith

B. David Ricardo

C. J.S. Mill

D. Alfred Marshall

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Correct Answer: Option D

Explanation:
Alfred Marshall developed the concept of consumer surplus, which is the difference between what a consumer is willing to pay and what he actually pays.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a measure to control inflation?

A. Reduction in bank rate

B. Reduction in taxes during high inflation

C. Increase in government expenditure

D. Increase in CRR and SLR

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Correct Answer: Option D

Explanation:
Raising CRR and SLR reduces the lending capacity of banks, thereby contracting money supply and helping to control inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is:

A. 28%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Cinema tickets above Rs 100 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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