The 'Goods and Services Tax' on digital products such as e-books is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on digital products such as e-books is:

A. 0%

B. 5%

C. 18%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

E-books and digital products attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Customs duty' is levied on:

A. income of citizens

B. services only

C. domestic production

D. imports and exports of goods

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Correct Answer: Option D

Explanation:
Customs duty is levied on imports and, in some cases, exports of goods.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Smithsonian Agreement' of 1971 attempted to:

A. ban currency trading

B. realign fixed exchange rates after the collapse of the dollar-gold link

C. create the euro

D. abolish the IMF

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Correct Answer: Option B

Explanation:
The Smithsonian Agreement attempted to establish new fixed exchange rate parities after the dollar-gold link ended.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Composition Scheme' under GST is available to small taxpayers with turnover up to:

A. Rs 10 crore

B. Rs 1.5 crore

C. Rs 50 lakh

D. Rs 5 crore

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Correct Answer: Option B

Explanation:
The composition scheme is available to taxpayers with annual turnover up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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