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

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The 'Goods and Services Tax' on import of services is:

A. levied as IGST under reverse charge

B. 12%

C. not levied

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Import of services attracts IGST under reverse charge.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The Green Revolution in India was primarily associated with:

A. organic farming

B. high-yielding varieties of wheat and rice

C. horticulture

D. increasing output of pulses

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Correct Answer: Option B

Explanation:
The Green Revolution introduced high-yielding varieties of wheat and rice.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST compensation cess' is levied on which goods?

A. essential food items

B. all goods

C. agricultural produce only

D. luxury and sin goods

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Correct Answer: Option D

Explanation:
GST compensation cess is levied on luxury and sin goods.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'multiplier-accelerator interaction' explains:

A. exchange rates

B. monetary policy only

C. inflation only

D. business cycles and fluctuations in income

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Correct Answer: Option D

Explanation:
Multiplier-accelerator interaction explains cyclical fluctuations in income.

This question belongs to: Economy GK Economy Set 1

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