The 'Goods and Services Tax' on penal interest on loans is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on penal interest on loans is:

A. exempt

B. 0%

C. 18%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Penal interest on loans is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a component of the capital account of India's balance of payments?

A. Software service exports

B. Remittances from abroad

C. Interest payments on external debt

D. Foreign direct investment and portfolio investment

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Correct Answer: Option D

Explanation:
Foreign direct investment and portfolio investment are capital account transactions. Software exports, remittances and interest payments form part of the current account.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'National Hydrogen Mission' aims to promote:

A. biofuel only

B. green hydrogen production and use

C. coal energy

D. nuclear energy

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Correct Answer: Option B

Explanation:
The National Hydrogen Mission promotes green hydrogen.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the 'Real Business Cycle' theory?

A. Business cycles are primarily caused by monetary shocks

B. Business cycles are primarily driven by real shocks, especially technology shocks

C. Fiscal policy is the primary driver of cycles

D. Sticky prices are the main source of fluctuations

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Correct Answer: Option B

Explanation:
Real Business Cycle theory attributes macroeconomic fluctuations mainly to real shocks, particularly technological disturbances, under the assumption of continuous market clearing and rational expectations.

This question belongs to: Economy GK Economy Set 1

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