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

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The 'Goods and Services Tax' on property management services is:

A. 28%

B. 12%

C. 5%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Property management services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on goods and services is a tax on:

A. income

B. wealth

C. property

D. consumption

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Correct Answer: Option D

Explanation:
GST is a tax on consumption of goods and services.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a tertiary sector activity?

A. Mining

B. Construction

C. Agriculture

D. Software services

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Correct Answer: Option D

Explanation:
Software services are part of the tertiary or services sector.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of inflation, 'Built-in Inflation' refers to:

A. Inflation due to supply shocks only

B. Inflation caused by excess demand

C. Inflation resulting from the wage-price spiral

D. One-time increase in prices

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Correct Answer: Option C

Explanation:
Built-in inflation arises from adaptive expectations and the wage-price spiral, where past inflation influences current wage and price setting.

This question belongs to: Economy GK Economy Set 1

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