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. 12%

B. 18%

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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The 'International Monetary Fund' Extended Fund Facility provides:

A. grants to all countries

B. only technical assistance

C. short-term loans

D. medium-term support for structural balance of payments problems

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Correct Answer: Option D

Explanation:
The Extended Fund Facility provides medium-term support for countries with structural BoP problems.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Export-Import Bank of India' was established in which year?

A. 1980

B. 1982

C. 1990

D. 1995

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Correct Answer: Option B

Explanation:
EXIM Bank was established in 1982.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:

A. 28%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Hotel rooms above Rs 7,500 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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