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

The 'Goods and Services Tax' on banking services to government is:
A. 0%
B. 12%
C. 5%
D. 18%
Answer: Option D
Solution (By JKSSB Mock Tests)
Banking services to government attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a form of public enterprise based on ownership and organisation?
A. Only private limited companies with no government share
B. Only cooperative societies without government ownership
C. Only foreign multinational corporations
D. Departmental undertaking, public corporation and government company

Correct Answer: Option D


Explanation:
Public enterprises may be organised as departmental undertakings, statutory public corporations or government companies in which the government holds a majority stake.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Solow Residual'?
A. It measures only the contribution of labour
B. It measures only the contribution of capital
C. It measures the contribution of total factor productivity growth to output growth
D. It is always equal to zero

Correct Answer: Option C


Explanation:
The Solow residual is the part of output growth that remains after accounting for the contributions of capital and labour inputs; it is commonly interpreted as a measure of total factor productivity growth.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the 'Save More Tomorrow' programme designed by Thaler and Benartzi?
A. A mandatory increase in taxes
B. A commitment device that allows employees to pre-commit to allocating a portion of future salary increases to retirement savings
C. An immediate large increase in current contributions
D. A programme that ignores behavioural biases

Correct Answer: Option B


Explanation:
Save More Tomorrow is a behavioural intervention that invites employees to commit in advance to increasing their retirement contribution rates whenever they receive pay raises, thereby overcoming present bias and inertia.

This question belongs to: Economy GK Economy Set 1