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

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The 'Goods and Services Tax' on travel agency services is:

A. 28%

B. 18%

C. 12%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Travel agency services attract 18% GST, unless they opt for the 5% without ITC tour operator scheme.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Seigniorage' is most closely related to:

A. Revenue from disinvestment

B. Tax revenue from income tax

C. The real resources obtained by the government through the issue of base money

D. Interest payments on public debt

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Correct Answer: Option C

Explanation:
Seigniorage is the purchasing power that the government obtains by issuing base money; it equals the real value of the increase in base money.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'labour force' is defined as:

A. employed only

B. total population

C. working-age population only

D. employed plus unemployed

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Correct Answer: Option D

Explanation:
Labour force = employed + unemployed.

This question belongs to: Economy GK Economy Set 1

Question #3

The Banking Ombudsman is appointed by:

A. Finance Minister

B. Reserve Bank of India

C. Indian Banks' Association

D. President

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Correct Answer: Option B

Explanation:
The RBI appoints Banking Ombudsmen to resolve customer complaints against banks.

This question belongs to: Economy GK Economy Set 1

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