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

Question

Share Report Error

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

A. 0%

B. 18%

C. 5%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Readymade garments up to Rs 1,000 attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'multiplier-accelerator interaction' explains:

A. exchange rates

B. monetary policy only

C. business cycles and fluctuations in income

D. inflation only

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Multiplier-accelerator interaction explains cyclical fluctuations in income.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is an advantage of a flexible exchange rate regime?

A. Complete insulation from all external shocks

B. Elimination of all exchange rate volatility

C. No need for any foreign exchange reserves

D. Automatic adjustment mechanism for balance of payments disequilibria

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Under flexible exchange rates, the currency appreciates or depreciates automatically in response to balance of payments pressures, helping to restore equilibrium.

This question belongs to: Economy GK Economy Set 1

Question #3

The primary goal of the Twelfth Five Year Plan was:

A. universal literacy

B. poverty eradication

C. faster, more inclusive and sustainable growth

D. full employment

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The Twelfth Five Year Plan aimed at faster, more inclusive and sustainable growth.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs