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

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The 'Goods and Services Tax' rate on education services is:

A. 12%

B. 5%

C. 18%

D. 0%

Answer: Option D

Solution (By JKSSB Mock Tests)

Education services provided by educational institutions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following best describes the concept of 'Income Effect' in consumer theory?

A. Change in quantity demanded due to a change in relative prices holding real income constant

B. Change in supply due to a change in input prices

C. Change in demand due to a change in tastes

D. Change in quantity demanded due to a change in real income resulting from a price change

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Correct Answer: Option D

Explanation:
The income effect refers to the change in quantity demanded of a good that results solely from the change in real income caused by a change in the price of the good.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a primary function of money?

A. Store of value

B. Medium of exchange

C. Standard of deferred payments

D. Unit of account

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Correct Answer: Option B

Explanation:
The primary function of money is to act as a medium of exchange.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on legal services provided to individuals is:

A. 12%

B. 0%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Legal services to individuals attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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