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

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

A. 28%

B. 12%

C. 5%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Financial services generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of the Indian economy, the term 'Twin Deficit' refers to:

A. Revenue deficit and primary deficit only

B. Fiscal deficit and current account deficit

C. Budget deficit and trade surplus

D. Capital account deficit and fiscal surplus

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Correct Answer: Option B

Explanation:
Twin deficit refers to the simultaneous existence of a fiscal deficit (government budget) and a current account deficit (external sector) in an economy.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'World Economic Forum' publishes which report?

A. World Development Report

B. Global Competitiveness Report

C. Global Financial Stability Report

D. World Economic Outlook

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Correct Answer: Option B

Explanation:
WEF publishes the Global Competitiveness Report.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Ministry of Statistics and Programme Implementation' is responsible for:

A. banking regulation

B. official statistics and programme implementation

C. foreign trade

D. monetary policy

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Correct Answer: Option B

Explanation:
MoSPI handles official statistics and programme implementation.

This question belongs to: Economy GK Economy Set 1

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