The 'Goods and Services Tax' on life insurance premiums is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on life insurance premiums is:

A. 5%

B. 18%

C. 0%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Life insurance premiums 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 'Goods and Services Tax' rate on cement is:

A. 18%

B. 28%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Cement attracts 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Average product is obtained by dividing total product by:

A. total cost

B. fixed input

C. units of variable input

D. marginal product

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Correct Answer: Option C

Explanation:
Average product is total product divided by the units of the variable input used.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'International Monetary Fund' Extended Fund Facility provides:

A. medium-term support for structural balance of payments problems

B. grants to all countries

C. short-term loans

D. only technical assistance

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Correct Answer: Option A

Explanation:
The Extended Fund Facility provides medium-term support for countries with structural BoP problems.

This question belongs to: Economy GK Economy Set 1

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