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. 28%

B. 18%

C. 12%

D. 5%

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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Question #1

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The 'Credit Guarantee Fund Trust for Micro and Small Enterprises' provides guarantee cover to banks for loans to MSMEs.

A. Only for foreign companies

B. Only for large enterprises

C. False

D. True

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Correct Answer: Option D

Explanation:
CGTMSE provides credit guarantee to banks for loans to micro and small enterprises.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a function of the stock exchange?

A. Price discovery of securities

B. Issuing new currency notes

C. Providing liquidity to securities

D. Mobilising savings for investment

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Correct Answer: Option B

Explanation:
Issuing currency notes is the function of the central bank. Stock exchanges provide liquidity, facilitate price discovery and help mobilise savings for productive investment.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Interest Subvention Scheme' for farmers is implemented by:

A. IRDAI

B. RBI

C. NABARD and the Government

D. SEBI

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Correct Answer: Option C

Explanation:
The interest subvention scheme for farmers is implemented by NABARD and the government.

This question belongs to: Economy GK Economy Set 1

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