The 'Goods and Services Tax' on services provided by RBI is: MCQ with Answer and Explanation

Question

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

A. 0%

B. 5%

C. exempt

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

RBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following indices is used by the RBI as the nominal anchor for monetary policy in India?

A. GDP Deflator

B. Consumer Price Index (Combined)

C. Wholesale Price Index

D. Producer Price Index

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Correct Answer: Option B

Explanation:
Under the Flexible Inflation Targeting framework, the RBI targets CPI-Combined inflation as the nominal anchor for monetary policy.

This question belongs to: Economy GK Economy Set 1

Question #2

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Regional Rural Banks are sponsored by:

A. scheduled commercial banks

B. RBI only

C. State governments only

D. NABARD only

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Correct Answer: Option A

Explanation:
Regional Rural Banks are sponsored by scheduled commercial banks along with central and state governments.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' replaced which of the following central taxes?

A. Income tax

B. Service tax

C. Wealth tax

D. Corporate tax

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Correct Answer: Option B

Explanation:
GST subsumed service tax.

This question belongs to: Economy GK Economy Set 1

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