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

Question

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

A. 28%

B. 18%

C. 5%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Software services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following best describes the evolution of planning in India after 2015?

A. Return to highly centralised planning without state participation

B. Replacement of the Planning Commission by NITI Aayog with emphasis on cooperative federalism and strategic advice

C. Complete abandonment of any form of planning or policy coordination

D. Continuation of mandatory Five Year Plans by the Planning Commission

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Correct Answer: Option B

Explanation:
In 2015 the Planning Commission was replaced by NITI Aayog, which focuses on cooperative federalism, policy advice and knowledge sharing rather than imposing centralised plan targets.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Opportunity Cost of Holding Money' is related to:

A. The cost of printing money

B. The cost of producing goods

C. The interest forgone by holding cash instead of interest-bearing assets

D. The cost of banking services only

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Correct Answer: Option C

Explanation:
The opportunity cost of holding money is the interest income that could have been earned by holding interest-bearing assets instead of cash.

This question belongs to: Economy GK Economy Set 1