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

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The 'Goods and Services Tax' on data processing services is:

A. 28%

B. 12%

C. 18%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Data processing services 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 'currency board' system is a form of:

A. fixed exchange rate with full backing of domestic currency by foreign reserves

B. free float

C. floating exchange rate

D. managed float

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Correct Answer: Option A

Explanation:
A currency board pegs the domestic currency to a foreign currency with full reserve backing.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Social Assistance Programme' provides social assistance to:

A. children only

B. all citizens

C. government employees

D. elderly, widows and disabled persons in need

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Correct Answer: Option D

Explanation:
NSAP provides social assistance to elderly, widows and persons with disabilities.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Opportunity Cost' is central to which branch of economics?

A. Both micro and macroeconomics

B. Only international economics

C. Only microeconomics

D. Only macroeconomics

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Correct Answer: Option A

Explanation:
Opportunity cost is a fundamental concept used in both microeconomics (individual choice) and macroeconomics (resource allocation at national level).

This question belongs to: Economy GK Economy Set 1

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