The 'Goods and Services Tax' rate on tea and coffee is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' rate on tea and coffee is:

A. 5%

B. 12%

C. 0%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Tea and coffee attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The Fiscal Responsibility and Budget Management Act was enacted in which year?

A. 2001

B. 1999

C. 2003

D. 2005

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Correct Answer: Option C

Explanation:
The FRBM Act was enacted in 2003.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Bali Package' of WTO was adopted in which year?

A. 2017

B. 2011

C. 2015

D. 2013

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Correct Answer: Option D

Explanation:
The Bali Package was adopted in 2013.

This question belongs to: Economy GK Economy Set 1

Question #3

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Advance tax is income tax that is:

A. refunded by the government

B. paid only by companies

C. paid after the end of the financial year

D. paid in advance in instalments during the financial year

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Correct Answer: Option D

Explanation:
Advance tax is paid in advance in instalments during the financial year instead of a lump sum at the end.

This question belongs to: Economy GK Economy Set 1

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