The 'Goods and Services Tax' on land leasing is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on land leasing is:

A. exempt for agricultural land and taxable for commercial

B. 5%

C. not applicable

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Leasing of agricultural land is exempt; commercial land leasing may attract GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Public Provident Fund' is a:

A. foreign exchange instrument

B. short-term trading instrument

C. current account

D. long-term small savings scheme

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Correct Answer: Option D

Explanation:
Public Provident Fund is a long-term small savings scheme.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Lorenz curve' is a graph showing:

A. unemployment

B. income distribution

C. GDP growth

D. inflation over time

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Correct Answer: Option B

Explanation:
The Lorenz curve graphically represents the distribution of income or wealth.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a cause of demand-pull inflation?

A. Increase in consumer spending

B. Increase in government expenditure

C. Increase in cost of production

D. Increase in money supply

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Correct Answer: Option C

Explanation:
Increase in cost of production causes cost-push inflation. Demand-pull inflation arises from excess aggregate demand due to increased money supply, government spending or consumer spending.

This question belongs to: Economy GK Economy Set 1

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