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

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

A. 12%

B. 0%

C. 5%

D. 18%

Answer: Option D

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

In 1969, the Government of India nationalized how many major commercial banks?

A. 10

B. 6

C. 14

D. 20

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Correct Answer: Option C

Explanation:
In 1969, 14 major commercial banks were nationalized.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'International Bank for Reconstruction and Development' mainly provides:

A. loans to middle-income and creditworthy low-income countries

B. military aid

C. grants only

D. short-term balance of payments support

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Correct Answer: Option A

Explanation:
IBRD provides loans to middle-income and creditworthy low-income countries.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate applicable to a supply is determined by:

A. RBI

B. SEBI

C. President

D. GST Council

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Correct Answer: Option D

Explanation:
GST rates are recommended by the GST Council.

This question belongs to: Economy GK Economy Set 1

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