The 'Goods and Services Tax' on services by the United Nations and international organizations is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on services by the United Nations and international organizations is:

A. 5%

B. 18%

C. 0%

D. exempt

Answer: Option D

Solution (By JKSSB Mock Tests)

Services by UN and specified international organizations are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

Treasury bills are issued by:

A. State governments only

B. RBI on behalf of the Central Government

C. commercial banks

D. SEBI

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Correct Answer: Option B

Explanation:
Treasury bills are short-term debt instruments issued by the RBI on behalf of the Central Government.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Phillips curve' in the long run is generally considered to be:

A. vertical at the natural rate of unemployment

B. horizontal

C. downward sloping

D. upward sloping

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Correct Answer: Option A

Explanation:
The long-run Phillips curve is vertical, implying no permanent trade-off between inflation and unemployment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. customs duty

B. income tax

C. direct taxes

D. tax cascading and barriers to interstate trade

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Correct Answer: Option D

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

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