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

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

A. 28%

B. 12%

C. 18%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Cab services attract 12% GST with input tax credit, or 5% without ITC under certain conditions.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Opportunity Cost of Holding Money' refers to:

A. The cost of printing currency notes

B. The interest income forgone by holding cash instead of interest-bearing assets

C. The cost of banking services only

D. The cost of producing goods and services

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Correct Answer: Option B

Explanation:
The opportunity cost of holding money is the interest that could have been earned by holding bonds or other interest-bearing assets instead of cash.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'industrial relations code' was passed in which year?

A. 2019

B. 2020

C. 2022

D. 2021

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Correct Answer: Option B

Explanation:
The Industrial Relations Code was passed in 2020.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Universal Basic Services' proposal?

A. Only cash transfers without any public services

B. Public provision of a range of essential services free at the point of use as a complement or alternative to basic income

C. Only targeted residual welfare

D. Only private provision of all services

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Correct Answer: Option B

Explanation:
Universal basic services advocates the collective provision of a set of essential services—such as health, education, housing, transport and information—available to all citizens free or at low cost.

This question belongs to: Economy GK Economy Set 1

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