The 'Goods and Services Tax' on foreign exchange conversion services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on foreign exchange conversion services is:

A. 12%

B. 18% on the service fee

C. 5%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Foreign exchange conversion services attract GST on the service fee at 18%.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on banking services is:

A. 28%

B. 12%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Subjective Well-Being' in economics refers to:

A. Individuals’ own evaluations of their lives, typically measured by surveys of happiness or life satisfaction

B. Only objective measures of income

C. Only environmental quality

D. Only physical health indicators

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Correct Answer: Option A

Explanation:
Subjective well-being encompasses self-reported measures of happiness, life satisfaction and emotional states, which have become an important complement to traditional objective indicators of welfare.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Ways and Means Advances' are given by RBI to:

A. commercial banks

B. NBFCs

C. foreign governments

D. central and state governments to bridge temporary mismatches in receipts and expenditures

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Correct Answer: Option D

Explanation:
Ways and Means Advances are short-term advances by RBI to governments to bridge temporary mismatches.

This question belongs to: Economy GK Economy Set 1

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