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

Question

Share Report Error

The 'Goods and Services Tax' on works contract services is:

A. 18%

B. 28%

C. 5%

D. 12%

Answer: Option D

Solution (By JKSSB Mock Tests)

Works contract services generally attract 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'Financial Stability and Development Council' is chaired by:

A. Union Finance Minister

B. Prime Minister

C. SEBI Chairman

D. RBI Governor

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
The Financial Stability and Development Council is chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of growth theory, 'Semi-Endogenous Growth' models feature:

A. Long-run growth that is fully endogenous to policy

B. Only exogenous technological progress

C. No role for research and development

D. Long-run growth that depends on population growth but not on policy parameters that affect the R&D share

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Semi-endogenous growth models retain diminishing returns to knowledge in the R&D sector, so that long-run growth is proportional to population growth and is not affected by the share of resources devoted to R&D.

This question belongs to: Economy GK Economy Set 1

Question #3

GDP at market prices equals GDP at factor cost:

A. plus indirect taxes minus subsidies

B. plus indirect taxes plus subsidies

C. minus indirect taxes plus subsidies

D. minus indirect taxes minus subsidies

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
GDP at market prices = GDP at factor cost + indirect taxes - subsidies.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs