The 'Goods and Services Tax' rate on water supply is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on water supply is:

A. 5%

B. 18%

C. not under GST

D. 0%

Answer: Option D

Solution (By JKSSB Mock Tests)

Water supply through public taps is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Reserve Bank of India' issues currency notes of denominations up to:

A. Rs 1,000

B. Rs 5,000

C. Rs 10,000

D. Rs 100

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Correct Answer: Option A

Explanation:
RBI issues currency notes up to Rs 1,000 denomination, while one rupee notes are issued by Government of India.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Interim Budget' is presented when:

A. there is a war

B. there is a financial emergency

C. elections are near or the government is in transition

D. the government has full term

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Correct Answer: Option C

Explanation:
An interim budget is presented before elections or a transition period.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is NOT a component of India's foreign exchange reserves?

A. Gold

B. Foreign direct investment

C. Foreign currency assets

D. SDRs

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Correct Answer: Option B

Explanation:
FDI is a capital flow, not a component of foreign exchange reserves.

This question belongs to: Economy GK Economy Set 1

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