The 'Goods and Services Tax' rate on readymade garments above Rs 1,000 is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on readymade garments above Rs 1,000 is:

A. 5%

B. 28%

C. 18%

D. 12%

Answer: Option D

Solution (By JKSSB Mock Tests)

Readymade garments above Rs 1,000 attract 12% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Tax Deduction and Collection Account Number' is used for:

A. depositing TDS and TCS

B. opening a bank account

C. filing income tax returns only

D. getting PAN

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Correct Answer: Option A

Explanation:
TAN is used for depositing tax deducted or collected at source.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Social Opportunity Cost' is particularly relevant in the evaluation of:

A. Public investment projects

B. Private investment projects only

C. Monetary policy only

D. International trade only

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Correct Answer: Option A

Explanation:
Social opportunity cost considers the true cost to society of using resources in a particular project and is especially important in the appraisal of public investment projects.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on sale of under-construction residential non-affordable housing is:

A. 12%

B. 18%

C. 5% without ITC

D. 1%

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Correct Answer: Option C

Explanation:
Non-affordable residential under-construction property attracts 5% GST without ITC.

This question belongs to: Economy GK Economy Set 1

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