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

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

A. 28%

B. 18%

C. 12%

D. 5%

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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Practice More Economy Set 1 Questions

Question #1

A contractionary fiscal policy consists of:

A. lowering interest rates

B. increasing government spending and cutting taxes

C. reducing government spending or increasing taxes

D. increasing money supply

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Correct Answer: Option C

Explanation:
Contractionary fiscal policy reduces aggregate demand by cutting spending or raising taxes.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'White Revolution' in India is associated with which brand?

A. Amul

B. NDDB

C. Safal

D. Mother Dairy

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Correct Answer: Option A

Explanation:
The White Revolution, or Operation Flood, is associated with Amul and dairy cooperatives.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Fiscal Consolidation' refers to:

A. Only printing more money

B. Policies aimed at reducing fiscal deficit and public debt

C. Only increasing tax rates

D. Increase in government expenditure without regard to revenue

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Correct Answer: Option B

Explanation:
Fiscal consolidation refers to policies and measures undertaken to reduce the fiscal deficit and put public finances on a sustainable path.

This question belongs to: Economy GK Economy Set 1

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