The 'Goods and Services Tax' on accounting services is: MCQ with Answer and Explanation

The 'Goods and Services Tax' on accounting services is:
A. 28%
B. 12%
C. 5%
D. 18%
Answer: Option D
Solution (By JKSSB Mock Tests)
Accounting services attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the short-run production function?
A. At least one factor is fixed
B. Returns to scale are the only relevant concept
C. No diminishing returns possible
D. All factors are variable

Correct Answer: Option A


Explanation:
In the short run, at least one factor of production is fixed, and the law of variable proportions operates.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the Indian tax system after the introduction of GST?
A. Complete elimination of all state-level taxes without dual structure
B. Persistence of multiple cascading taxes
C. A unified destination-based tax on goods and services with input tax credit mechanism
D. Only origin-based taxation

Correct Answer: Option C


Explanation:
GST replaced a large number of cascading central and state taxes with a unified destination-based tax that permits seamless input tax credit.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of 'Algorithmic Pricing'?
A. Only cost-plus pricing without data
B. Prices that never change
C. Only manual price setting by humans
D. The use of algorithms to set prices automatically, potentially leading to tacit collusion or rapid price adjustment

Correct Answer: Option D


Explanation:
Algorithmic pricing employs software algorithms that automatically adjust prices in response to demand, competitor prices and other data; under certain conditions it can facilitate tacit collusion or increase price volatility.

This question belongs to: Economy GK Economy Set 1