The 'Goods and Services Tax' on freight transport by road is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on freight transport by road is:

A. 5%

B. 5% without ITC or 12% with ITC

C. 28%

D. 18%

Answer: Option B

Solution (By JKSSB Mock Tests)

Goods transport agency services attract 5% without ITC or 12% with ITC.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'depreciation' in national accounting is also called:

A. capital consumption allowance

B. transfer payment

C. factor income

D. net investment

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Correct Answer: Option A

Explanation:
Depreciation is also known as capital consumption allowance.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'International Court of Justice' is located in:

A. The Hague

B. Geneva

C. New York

D. Vienna

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Correct Answer: Option A

Explanation:
ICJ is located in The Hague.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is an advantage of a flexible exchange rate regime?

A. Complete insulation from all external shocks

B. No need for any foreign exchange reserves

C. Elimination of all exchange rate volatility

D. Automatic adjustment mechanism for balance of payments disequilibria

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Correct Answer: Option D

Explanation:
Under flexible exchange rates, the currency appreciates or depreciates automatically in response to balance of payments pressures, helping to restore equilibrium.

This question belongs to: Economy GK Economy Set 1

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