The 'Goods and Services Tax' rate on restaurant services in AC restaurants was initially 18%, but later revised to: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on restaurant services in AC restaurants was initially 18%, but later revised to:

A. 18%

B. 12%

C. 5% without ITC

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Restaurant services were rationalized to 5% without input tax credit.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is NOT a function of commercial banks?

A. Accepting deposits

B. Credit creation

C. Providing loans and advances

D. Issuing currency notes

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Correct Answer: Option D

Explanation:
Issuing currency notes is the sole prerogative of the Reserve Bank of India. Commercial banks accept deposits, provide loans and create credit.

This question belongs to: Economy GK Economy Set 1

Question #2

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Price discrimination is most commonly possible under which market structure?

A. Monopoly

B. Oligopoly

C. Monopolistic competition

D. Perfect competition

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Correct Answer: Option A

Explanation:
A monopolist can practise price discrimination because it has market power and can prevent resale.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act' was enacted in which year?

A. 2002

B. 2010

C. 2005

D. 1999

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Correct Answer: Option A

Explanation:
SARFAESI Act was enacted in 2002.

This question belongs to: Economy GK Economy Set 1

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