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

Question
The 'Goods and Services Tax' on government services is:
A. exempt for certain government services and taxable for others
B. always 18%
C. always exempt
D. always 28%
Answer: Option A
Solution (By JKSSB Mock Tests)
Some government services are exempt, others taxable.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the long-run equilibrium under monopolistic competition?
A. Firms produce at the lowest point of the LAC curve
B. Firms earn supernormal profits
C. Firms earn only normal profits and operate with excess capacity
D. Price equals minimum average cost
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Correct Answer: Option C

Explanation:
In the long run, free entry eliminates supernormal profits under monopolistic competition. Firms operate on the falling portion of their LAC curve, implying excess capacity.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Composition Scheme' under GST is available for goods suppliers with turnover up to:
A. Rs 10 crore
B. Rs 40 lakh
C. Rs 5 crore
D. Rs 1.5 crore
Discuss
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Correct Answer: Option D

Explanation:
Composition scheme for goods is available up to Rs 1.5 crore.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of the 'Universal Basic Services' proposal?
A. Public provision of a range of essential services free at the point of use as a complement or alternative to basic income
B. Only targeted residual welfare
C. Only cash transfers without any public services
D. Only private provision of all services
Discuss
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Correct Answer: Option A

Explanation:
Universal basic services advocates the collective provision of a set of essential services—such as health, education, housing, transport and information—available to all citizens free or at low cost.
This question belongs to: Economy GK Economy Set 1
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