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

Question

Share Report Error

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

A. 5%

B. 18%

C. 12%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Banking services to government attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The term 'Moral Hazard' in economics refers to:

A. Equal risk sharing

B. Perfect information in markets

C. Asymmetric information before a contract

D. Change in behaviour after obtaining insurance

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Moral hazard occurs when one party takes more risks because another party bears the cost, typically after a contract (e.g., insurance) is in place. Adverse selection occurs before the contract.

This question belongs to: Economy GK Economy Set 1

Question #2

A regressive tax is one where:

A. there is no tax on income

B. the tax rate rises as income rises

C. the tax burden falls more heavily on lower income groups

D. the tax rate is constant

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
A regressive tax takes a larger percentage of income from low-income earners.

This question belongs to: Economy GK Economy Set 1

Question #3

In 1969, the Government of India nationalized how many major commercial banks?

A. 14

B. 10

C. 20

D. 6

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
In 1969, 14 major commercial banks were nationalized.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs