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

Question
The 'Goods and Services Tax' on insurance services provided to government is:
A. 0%
B. 18%
C. 5%
D. 12%
Answer: Option B
Solution (By JKSSB Mock Tests)
Insurance services to government attract 18% GST.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Employees' State Insurance Act' applies to factories employing how many or more persons?
A. 10
B. 50
C. 20
D. 5
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Correct Answer: Option A

Explanation:
ESI Act applies to factories employing 10 or more persons, with some state variations.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'New Institutional Economics' approach?
A. It assumes zero transaction costs always
B. It emphasises the role of institutions, property rights and transaction costs in economic performance
C. It ignores institutions completely
D. It focuses only on technological change
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Correct Answer: Option B

Explanation:
New Institutional Economics, associated with Coase, North and Williamson, analyses how institutions, property-rights structures and transaction costs shape economic behaviour and long-run performance.
This question belongs to: Economy GK Economy Set 1
Question #3
In the context of banking, SLR stands for:
A. Statutory Liquidity Ratio
B. Statutory Lending Ratio
C. Scheduled Liquidity Ratio
D. Standard Liquidity Ratio
Discuss
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Correct Answer: Option A

Explanation:
Statutory Liquidity Ratio is the percentage of deposits that commercial banks are required to maintain in the form of liquid assets such as cash, gold or approved securities.
This question belongs to: Economy GK Economy Set 1
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