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

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The 'Goods and Services Tax' on cryptocurrency is:

A. 18%

B. 5%

C. 0%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Cryptocurrency transactions are subject to 18% GST as financial services, though regulation is evolving.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Fifth Five Year Plan' period was:

A. 1980-1985

B. 1974-1979

C. 1969-1974

D. 1971-1976

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Correct Answer: Option B

Explanation:
The Fifth Five Year Plan covered 1974-1979.

This question belongs to: Economy GK Economy Set 1

Question #2

A 'customs union' differs from a free trade area by having:

A. a common external tariff

B. a common currency

C. separate external tariffs

D. free movement of labour

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Correct Answer: Option A

Explanation:
A customs union has a common external tariff along with internal free trade.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' revenue from IGST is shared between:

A. local bodies

B. centre and states as per GST law

C. states only

D. centre only

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Correct Answer: Option B

Explanation:
IGST is collected by the centre and apportioned between centre and states.

This question belongs to: Economy GK Economy Set 1

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