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

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

A. 5%

B. 12%

C. 28%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Internet services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Foreign Trade Policy' in India is usually announced for a period of:

A. 15 years

B. 1 year

C. 5 years

D. 10 years

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Correct Answer: Option C

Explanation:
Foreign Trade Policy is normally announced for a five-year period.

This question belongs to: Economy GK Economy Set 1

Question #2

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If GDP at factor cost is Rs 1,000 crore, indirect taxes are Rs 200 crore and subsidies are Rs 50 crore, then GDP at market prices is:

A. Rs 1,250 crore

B. Rs 950 crore

C. Rs 850 crore

D. Rs 1,150 crore

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Correct Answer: Option D

Explanation:
GDP at market prices = 1000 + 200 - 50 = Rs 1,150 crore.

This question belongs to: Economy GK Economy Set 1

Question #3

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The Tendulkar Committee is associated with:

A. tax reforms

B. poverty estimation methodology

C. agriculture credit

D. banking reforms

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Correct Answer: Option B

Explanation:
The Tendulkar Committee recommended a new methodology for poverty estimation.

This question belongs to: Economy GK Economy Set 1

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