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

Question

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

A. 18%

B. 5%

C. 28%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Franchise services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a feature of the Indian banking system?

A. Dual regulation of cooperative banks by RBI and state governments

B. Complete absence of NBFCs

C. No role for foreign banks

D. Absence of priority sector lending norms

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Correct Answer: Option A

Explanation:
Urban and rural cooperative banks in India are subject to dual regulation by the Reserve Bank of India and the respective state governments.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Stand-Up India' scheme was launched in which year?

A. 2017

B. 2018

C. 2016

D. 2014

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Correct Answer: Option C

Explanation:
Stand-Up India was launched in 2016.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. 12%

B. 18%

C. 5%

D. 28%

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Correct Answer: Option A

Explanation:
Cab services attract 12% GST with input tax credit, or 5% without ITC under certain conditions.

This question belongs to: Economy GK Economy Set 1

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