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

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

A. always 28%

B. exempt for certain government services and taxable for others

C. always 18%

D. always exempt

Answer: Option B

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

The 'Census of India' 2011 was the how many-th census?

A. 17th

B. 13th

C. 15th

D. 16th

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Correct Answer: Option C

Explanation:
Census 2011 was the 15th Census of India.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST' has helped in creating a unified national market by:

A. increasing check posts

B. increasing entry taxes

C. raising state VAT rates

D. removing cascading taxes and multiple state-level barriers

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Correct Answer: Option D

Explanation:
GST removed cascading taxes and state barriers, creating a unified market.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Invisible Trade' in the balance of payments includes:

A. Only capital transfers

B. Only foreign direct investment

C. Trade in merchandise goods only

D. Trade in services, income and unilateral transfers

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Correct Answer: Option D

Explanation:
Invisible trade (invisibles) comprises services (travel, transportation, software, etc.), primary income and secondary income (transfers).

This question belongs to: Economy GK Economy Set 1

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