The 'Goods and Services Tax' is levied on the supply of: MCQ with Answer and Explanation

Question

Share Report Error

The 'Goods and Services Tax' is levied on the supply of:

A. only goods

B. only services

C. only imports

D. both goods and services

Answer: Option D

Solution (By JKSSB Mock Tests)

GST is levied on the supply of both goods and services.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The paradox of thrift suggests that:

A. saving is impossible in a recession

B. saving is always beneficial for the economy

C. increased saving by all households may reduce aggregate demand and output

D. thrift always increases investment

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The paradox of thrift states that if everyone saves more during a recession, total demand and output may fall.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on intellectual property rights services is:

A. 5%

B. 12%

C. 18%

D. 28%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
IPR services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Small Industries Development Bank of India' was established in which year?

A. 1980

B. 2000

C. 1990

D. 1995

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
SIDBI was established in 1990.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs