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

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The 'Goods and Services Tax' on audit services is:

A. 12%

B. 18%

C. 5%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Audit services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on BPO services is:

A. 28%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
BPO services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the Indian agricultural sector?

A. Complete independence from monsoon

B. Predominance of small and marginal farmers

C. High and uniform productivity across states

D. High capital intensity comparable to industry

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Correct Answer: Option B

Explanation:
Indian agriculture is dominated by small and marginal landholdings, leading to challenges of scale, productivity and access to credit and technology.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' is a consumption-based tax because it is levied at:

A. production stage only

B. the point of supply for final consumption

C. export stage

D. import stage only

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Correct Answer: Option B

Explanation:
GST is a destination-based consumption tax levied at the point of supply.

This question belongs to: Economy GK Economy Set 1

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