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

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

A. 12%

B. 28%

C. 18%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on petroleum and natural gas is:

A. 18%

B. not under GST

C. 5%

D. 0%

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Correct Answer: Option B

Explanation:
Petroleum products and natural gas are outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Golden Revolution' in India is associated with:

A. gold production

B. milk production

C. wheat production

D. horticulture and honey production

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Correct Answer: Option D

Explanation:
The Golden Revolution is associated with horticulture and honey production.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Polarisation' of the labour market observed in many advanced economies?

A. Only decline in high-skill jobs

B. Only growth in middle-skill jobs

C. Growth in high-skill and low-skill employment accompanied by a decline in middle-skill routine jobs

D. Uniform growth across all skill levels

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Correct Answer: Option C

Explanation:
Job polarisation refers to the simultaneous growth of employment at the high and low ends of the skill distribution and the relative decline of middle-skill occupations that involve routine tasks susceptible to automation.

This question belongs to: Economy GK Economy Set 1

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