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

Question
The 'Goods and Services Tax' on legal services is:
A. 18%
B. 5%
C. 12%
D. 0%
Answer: Option A
Solution (By JKSSB Mock Tests)
Legal services generally attract 18% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is most likely to cause a current account deficit to widen?
A. Rise in crude oil prices
B. Fall in imports
C. Increase in exports
D. Increase in remittances
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Correct Answer: Option A

Explanation:
Rising crude oil prices increase the import bill, widening the current account deficit.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a component of the money market in India?
A. Certificate of Deposit
B. Commercial Paper
C. Treasury Bills
D. Equity shares
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Correct Answer: Option D

Explanation:
Equity shares are long-term instruments and form part of the capital market. Money market instruments include Treasury Bills, Commercial Paper, Certificates of Deposit and call money.
This question belongs to: Economy GK Economy Set 1
Question #3
In the context of Indian economy, the term 'Demographic Dividend' can be realised if:
A. The dependent population increases rapidly
B. The fertility rate rises continuously
C. The old-age population dominates
D. The working-age population is productively employed and skilled
Discuss
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Correct Answer: Option D

Explanation:
Realising the demographic dividend requires that the large working-age population is educated, skilled and productively employed in the economy.
This question belongs to: Economy GK Economy Set 1
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