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. 28%

B. 12%

C. 18%

D. 5%

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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Practice More Economy Set 1 Questions

Question #1

The 'Personal Disposable Income' is personal income minus:

A. corporate tax

B. direct personal taxes and other deductions

C. customs duty

D. indirect taxes

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Correct Answer: Option B

Explanation:
Personal disposable income is personal income minus direct personal taxes and other receipts of government.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST' has helped in creating a unified national market by:

A. removing cascading taxes and multiple state-level barriers

B. raising state VAT rates

C. increasing check posts

D. increasing entry taxes

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Correct Answer: Option A

Explanation:
GST removed cascading taxes and state barriers, creating a unified market.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. exempt

B. 0%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Penal interest on loans is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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