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

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

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Practice More Economy Set 1 Questions

Question #1
The term 'Green Revolution' in India is associated with:
A. Increase in foreign investment
B. Increase in industrial production
C. Increase in service sector growth
D. Increase in agricultural production

Correct Answer: Option D


Explanation:
The Green Revolution refers to the significant increase in agricultural production in India, particularly of wheat and rice, through high-yielding varieties, fertilizers and irrigation, starting in the mid-1960s.

This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Capital Formation' refers to:
A. Increase in the stock of capital goods
B. Increase in money supply
C. Increase in population
D. Increase in consumption

Correct Answer: Option A


Explanation:
Capital formation refers to the net addition to the existing stock of capital goods such as machinery, buildings and equipment in an economy.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of the short-run production function?
A. Returns to scale are the only relevant concept
B. No diminishing returns possible
C. At least one factor is fixed
D. All factors are variable

Correct Answer: Option C


Explanation:
In the short run, at least one factor of production is fixed, and the law of variable proportions operates.

This question belongs to: Economy GK Economy Set 1