[amp_mcq option1=”Tobacco products” option2=”Petroleum products” option3=”Edible oils” option4=”Insurance products” correct=”option2″]<\/p>\n
The correct answer is: B. Petroleum products<\/strong><\/p>\n Petroleum products are kept outside the purview of GST because they are considered to be essential commodities and their prices are regulated by the government. This means that the GST Council, which is responsible for deciding the rates of GST, cannot levy GST on petroleum products.<\/p>\n Tobacco products, edible oils, and insurance products are all subject to GST.<\/p>\n Tobacco products are subject to GST at a rate of 28%. This is because tobacco products are considered to be harmful to health and the government wants to discourage their consumption.<\/p>\n Edible oils are subject to GST at a rate of 5%. This is because edible oils are considered to be essential commodities and the government does not want to burden the common man with high taxes on these items.<\/p>\n Insurance products are subject to GST at a rate of 18%. This is because insurance products are considered to be a luxury item and the government wants to tax them at a higher rate.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”Tobacco products” option2=”Petroleum products” option3=”Edible oils” option4=”Insurance products” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[704],"tags":[],"class_list":["post-34555","post","type-post","status-publish","format-standard","hentry","category-legal-aspects-of-business","no-featured-image-padding"],"yoast_head":"\n