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

Question
The 'Goods and Services Tax' on cryptocurrency is:
A. 0%
B. 18%
C. 5%
D. 28%
Answer: Option B
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 'Trade-Related Aspects of Intellectual Property Rights' agreement came into force in which year?
A. 1998
B. 1994
C. 2000
D. 1995
Discuss
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Correct Answer: Option D

Explanation:
TRIPS came into force in 1995.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a function of the International Monetary Fund?
A. Providing short-term financial assistance for balance of payments problems
B. Providing long-term project finance for infrastructure
C. Surveillance of member countries' economic policies
D. Technical assistance and capacity building
Discuss
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Correct Answer: Option B

Explanation:
Long-term project finance for infrastructure is primarily the role of the World Bank. The IMF focuses on short-term BOP support, surveillance and technical assistance.
This question belongs to: Economy GK Economy Set 1
Question #3
The term 'Crowding In' refers to:
A. Increase in imports due to higher income
B. Increase in private investment stimulated by government spending
C. Decrease in exports due to appreciation
D. Decrease in private investment due to government spending
Discuss
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Correct Answer: Option B

Explanation:
Crowding in occurs when government spending (especially on infrastructure) raises the productivity of private capital and stimulates additional private investment.
This question belongs to: Economy GK Economy Set 1
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