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

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

A. 5%

B. 18%

C. 28%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Security 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 Phillips Curve shows the relationship between:

A. Inflation and economic growth

B. Interest rate and investment

C. Money supply and price level

D. Unemployment and inflation

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Correct Answer: Option D

Explanation:
The Phillips Curve illustrates an inverse relationship between the rate of unemployment and the rate of inflation in an economy in the short run.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on legal services provided to government is:

A. 12%

B. 18%

C. exempt

D. 0%

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Correct Answer: Option C

Explanation:
Legal services provided to government are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a component of India's foreign exchange reserves?

A. Gold

B. Foreign currency assets

C. SDRs

D. Foreign direct investment

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Correct Answer: Option D

Explanation:
FDI is a capital flow, not a component of foreign exchange reserves.

This question belongs to: Economy GK Economy Set 1

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