The 'Goods and Services Tax' on R&D services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on R&D services is:

A. 5%

B. 28%

C. 18%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Research and development services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The term 'Special Drawing Rights' can be used by member countries of the IMF for:

A. Only purchasing gold

B. Only financing fiscal deficit

C. Settling international payments and as a reserve asset

D. Only domestic transactions

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Correct Answer: Option C

Explanation:
SDRs are international reserve assets that can be exchanged for freely usable currencies and used in transactions among IMF members and prescribed holders.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of the Indian industrial policy after 1991?

A. Restriction on foreign investment

B. Expansion of the licence-permit raj

C. Complete nationalisation of industries

D. Liberalisation, delicensing and greater role for private sector

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Correct Answer: Option D

Explanation:
The 1991 Industrial Policy emphasised liberalisation, abolition of industrial licensing for most industries, and encouragement of private and foreign investment.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the 'Covered Interest Parity' condition?

A. The interest differential between two countries equals the forward premium or discount on the exchange rate

B. Interest rates are always equal across countries

C. Only uncovered interest parity holds

D. Exchange rates are fixed

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Correct Answer: Option A

Explanation:
Covered interest parity states that the interest rate differential between two currencies equals the forward premium or discount, eliminating covered arbitrage opportunities.

This question belongs to: Economy GK Economy Set 1

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