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. 0%

C. 5%

D. 18%

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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Question #1

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In the context of elasticity, if the price elasticity of demand is greater than one, demand is said to be:

A. Inelastic

B. Perfectly inelastic

C. Unitary elastic

D. Elastic

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Correct Answer: Option D

Explanation:
When |Ed| > 1, demand is elastic, meaning quantity demanded changes more than proportionately to a change in price.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Eighth Five Year Plan' period was:

A. 1997-2002

B. 1987-1992

C. 1990-1995

D. 1992-1997

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Correct Answer: Option D

Explanation:
The Eighth Five Year Plan covered 1992-1997.

This question belongs to: Economy GK Economy Set 1

Question #3

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PM Gati Shakti is a national master plan for:

A. banking reforms

B. tax administration

C. multi-modal connectivity and integrated infrastructure planning

D. agricultural exports

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Correct Answer: Option C

Explanation:
PM Gati Shakti is a national master plan for multi-modal connectivity and integrated infrastructure planning.

This question belongs to: Economy GK Economy Set 1

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