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

The 'Goods and Services Tax' on engineering services is:
A. 12%
B. 18%
C. 5%
D. 28%
Answer: Option B
Solution (By JKSSB Mock Tests)
Engineering services attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
The term 'Reverse Repo Rate' is used by the RBI to:
A. Inject liquidity into the system
B. Fix the long-term interest rates only
C. Determine the fiscal deficit
D. Absorb excess liquidity from the banking system

Correct Answer: Option D


Explanation:
Under the reverse repo window, the RBI absorbs excess liquidity from banks by borrowing funds from them at the reverse repo rate.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a major advantage of a flexible exchange rate system?
A. Elimination of all speculation
B. Automatic adjustment of balance of payments
C. Complete insulation from external shocks
D. No need for foreign exchange reserves

Correct Answer: Option B


Explanation:
Under a flexible exchange rate system, the exchange rate adjusts automatically to equilibrate the demand and supply of foreign exchange, helping to correct balance of payments imbalances.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of a dualistic economy?
A. Uniform technology across sectors
B. Only agricultural activities
C. Absence of informal sector
D. Coexistence of modern and traditional sectors

Correct Answer: Option D


Explanation:
Dualism refers to the coexistence of a modern, capital-intensive sector alongside a traditional, labour-intensive sector within the same economy.

This question belongs to: Economy GK Economy Set 1