The 'Goods and Services Tax' on services by foreign diplomatic mission in India is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on services by foreign diplomatic mission in India is:

A. exempt

B. 18%

C. 0%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Services by foreign 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 'demographic dividend' can be reaped when:

A. working-age population is large and productive

B. dependency ratio is high

C. elderly population is large

D. birth rate is high

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Correct Answer: Option A

Explanation:
Demographic dividend arises from a large productive working-age population.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'tax incidence' of a tax refers to:

A. the amount of tax collected

B. the tax rate

C. who legally pays the tax

D. who ultimately bears the economic burden of the tax

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Correct Answer: Option D

Explanation:
Tax incidence is the distribution of the economic burden of a tax between buyers and sellers.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the Indian external sector since the 1990s?

A. Complete isolation from global capital flows

B. Gradual liberalisation of trade and capital account with managed float

C. Fixed exchange rate without intervention

D. Ban on foreign direct investment

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Correct Answer: Option B

Explanation:
Since the 1991 reforms, India has progressively liberalised trade and capital flows while adopting a managed floating exchange rate regime.

This question belongs to: Economy GK Economy Set 1

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