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. 0%

C. 18%

D. exempt

Answer: Option D

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 concept of 'Okun's Law' relates:

A. Interest rates and investment

B. Unemployment and the gap between actual and potential output

C. Money supply and price level

D. Unemployment and inflation

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Correct Answer: Option B

Explanation:
Okun's Law describes the empirical relationship between unemployment and the output gap: a rise in unemployment is associated with a fall in actual output relative to potential output.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'United Nations Sustainable Development Solutions Network' publishes which report?

A. Global Hunger Index

B. World Happiness Report

C. Global Competitiveness Report

D. Human Development Report

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Correct Answer: Option B

Explanation:
UN SDSN publishes World Happiness Report.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on carbonated water is:

A. 5%

B. 12%

C. 18%

D. 28% plus cess

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Correct Answer: Option D

Explanation:
Carbonated water and aerated drinks attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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