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

The 'Goods and Services Tax' on insurance services is:
A. 18%
B. 12%
C. 5%
D. 28%
Answer: Option A
Solution (By JKSSB Mock Tests)
Insurance services attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
The 'Taylor rule' is used by central banks to set:
A. foreign exchange reserves
B. policy interest rates based on inflation and output gap
C. exchange rates
D. reserve requirements

Correct Answer: Option B


Explanation:
The Taylor rule prescribes setting policy interest rates based on inflation and output gap.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a major objective of NITI Aayog?
A. Formulating Five Year Plans with mandatory targets
B. Replacing the Finance Commission
C. Controlling monetary policy
D. Promoting cooperative federalism and providing strategic policy advice

Correct Answer: Option D


Explanation:
NITI Aayog aims to foster cooperative federalism, serve as a think tank, and provide strategic and technical advice to the Centre and states.

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of economic planning, indicative planning is characterised by:
A. Absence of any targets
B. Setting targets and providing incentives without compulsion
C. Only private sector planning
D. Complete government control over all sectors

Correct Answer: Option B


Explanation:
Indicative planning involves setting broad targets and providing incentives and information to guide private sector decisions rather than imposing compulsory directives.

This question belongs to: Economy GK Economy Set 1