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

Question
The 'Goods and Services Tax' rate on readymade garments above Rs 1,000 is:
A. 28%
B. 5%
C. 12%
D. 18%
Answer: Option C
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
Which of the following is a characteristic of the 'Risk-Sharing' benefits of international financial integration?
A. Countries can smooth consumption in the face of idiosyncratic shocks by trading claims on future output
B. Only closed economies can smooth consumption
C. Risk-sharing is irrelevant for welfare
D. Integration always increases consumption volatility
Discuss
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Correct Answer: Option A

Explanation:
International risk-sharing allows countries to diversify away country-specific income shocks by holding foreign assets, thereby reducing the volatility of national consumption relative to national output.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'National Mission on Education through Information and Communication Technology' was launched to enhance:
A. banking technology
B. defence technology
C. agricultural technology
D. education through ICT
Discuss
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Correct Answer: Option D

Explanation:
NMEICT aims to enhance education through ICT.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Budget Division' in India is a part of which ministry?
A. Ministry of Finance
B. Ministry of Statistics
C. NITI Aayog
D. Ministry of Commerce
Discuss
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Correct Answer: Option A

Explanation:
Budget Division is part of the Department of Economic Affairs, Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
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