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

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

A. 12%

B. 18%

C. 5%

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

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Practice More Economy Set 1 Questions

Question #1

The term 'Primary Market' in the capital market is the market for:

A. Issue of new securities by companies and governments

B. Only agricultural commodities

C. Trading of existing securities

D. Only short-term money market instruments

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Correct Answer: Option A

Explanation:
The primary market is where new securities are issued and sold for the first time to raise fresh capital. The secondary market deals with subsequent trading of existing securities.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Permanent Establishment' concept in international taxation determines:

A. where a foreign enterprise has taxable presence

B. permanent residency of individuals

C. permanent bank accounts

D. permanent employment

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Correct Answer: Option A

Explanation:
Permanent establishment determines a foreign enterprise's taxable presence in a country.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'permanent income hypothesis' was proposed by:

A. John Maynard Keynes

B. Milton Friedman

C. Franco Modigliani

D. James Duesenberry

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Correct Answer: Option B

Explanation:
Milton Friedman proposed the permanent income hypothesis.

This question belongs to: Economy GK Economy Set 1

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