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. not levied

B. levied as IGST under reverse charge

C. 12%

D. 5%

Answer: Option B

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

Frictional unemployment is best described as:

A. unemployment due to lack of demand

B. long-term unemployment due to skill mismatch

C. unemployment due to seasonal agriculture

D. temporary unemployment during job search or transition

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Correct Answer: Option D

Explanation:
Frictional unemployment is temporary unemployment during job search or transition.

This question belongs to: Economy GK Economy Set 1

Question #2

Personal Disposable Income is obtained by subtracting from personal income:

A. direct personal taxes

B. corporate tax

C. customs duty

D. indirect taxes

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Correct Answer: Option A

Explanation:
Personal disposable income is personal income minus direct personal taxes and other non-tax payments.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Rural Health Mission' was subsumed under:

A. National Health Mission

B. PM-JAY

C. Health and Wellness Centres

D. Ayushman Bharat

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Correct Answer: Option A

Explanation:
NRHM and NUHM were subsumed under the National Health Mission.

This question belongs to: Economy GK Economy Set 1

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