The 'Goods and Services Tax' on shipping services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on shipping services is:

A. 18%

B. 28%

C. 12%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Shipping services attract 18% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Export Import Bank of India' provides:

A. export credit and finance

B. crop loans

C. microfinance

D. retail banking

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Correct Answer: Option A

Explanation:
EXIM Bank provides export credit and finance.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Agreement on Trade in Services' came into force in which year?

A. 1995

B. 1994

C. 2000

D. 2005

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Correct Answer: Option A

Explanation:
GATS came into force in 1995 as part of WTO agreements.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Financial Accelerator' refers to:

A. Only the direct interest-rate channel

B. The automatic stabilisers in the fiscal system

C. The amplification of shocks through endogenous changes in credit conditions and asset prices

D. Only the exchange-rate channel

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Correct Answer: Option C

Explanation:
The financial accelerator describes how deteriorations in borrowers’ balance sheets raise external finance premia, further reducing spending and amplifying the effects of the original shock.

This question belongs to: Economy GK Economy Set 1

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