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

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

A. 28%

B. 12%

C. 18%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Works contract services generally attract 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'reverse charge mechanism' under GST is applicable when:

A. goods are exported

B. goods are imported only

C. a registered supplier sells to an unregistered recipient

D. the recipient is required to pay tax instead of the supplier

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Correct Answer: Option D

Explanation:
Under reverse charge, the recipient pays GST instead of the supplier.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Letter of Credit' in foreign trade is issued by:

A. the importer's bank

B. the customs authority

C. the WTO

D. the exporter

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Correct Answer: Option A

Explanation:
A letter of credit is issued by the importer's bank guaranteeing payment to the exporter.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Multidimensional Poverty Index'?

A. It measures only inequality

B. It is based only on national accounts data

C. It captures deprivations in health, education and living standards at the household level

D. It measures only income poverty

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Correct Answer: Option C

Explanation:
The Multidimensional Poverty Index identifies multiple overlapping deprivations suffered by households in the domains of health, education and living standards, providing a more comprehensive picture of poverty than income alone.

This question belongs to: Economy GK Economy Set 1

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