The 'Goods and Services Tax' on services by diplomatic missions is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on services by diplomatic missions is:

A. 5%

B. exempt

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Services by diplomatic missions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Sixth Five Year Plan' period was:

A. 1975-1980

B. 1985-1990

C. 1978-1983

D. 1980-1985

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Correct Answer: Option D

Explanation:
The Sixth Five Year Plan covered 1980-1985.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of financial markets, 'Adverse Selection' before a loan is made refers to:

A. Only the problem of monitoring after the loan

B. Borrowers with higher risk being more likely to seek loans

C. Lenders always having perfect information

D. Borrowers becoming riskier after receiving loans

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Correct Answer: Option B

Explanation:
Adverse selection in credit markets occurs when higher-risk borrowers are more eager to borrow at any given interest rate, so that the pool of applicants becomes riskier as the interest rate rises.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on services provided by RBI is:

A. 5%

B. exempt

C. 0%

D. 18%

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Correct Answer: Option B

Explanation:
RBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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