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

Question

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

A. 0%

B. 5%

C. exempt for basic municipal services

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

Basic municipal services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

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Which of the following is a form of public enterprise based on ownership and organisation?

A. Only cooperative societies without government ownership

B. Departmental undertaking, public corporation and government company

C. Only private limited companies with no government share

D. Only foreign multinational corporations

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Correct Answer: Option B

Explanation:
Public enterprises may be organised as departmental undertakings, statutory public corporations or government companies in which the government holds a majority stake.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of fiscal policy, 'Automatic Stabilisers' operate through:

A. Only exchange-rate adjustments

B. Only changes in the monetary base

C. Only discretionary changes in spending

D. Built-in features of the tax and transfer system that dampen fluctuations without discretionary action

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Correct Answer: Option D

Explanation:
Automatic stabilisers are elements of the fiscal system—progressive taxes and unemployment benefits—that automatically reduce the amplitude of business-cycle fluctuations without the need for new legislation.

This question belongs to: Economy GK Economy Set 1