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

Question

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

A. 5%

B. 28%

C. 0%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Most services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is the primary objective of monetary policy in India?

A. Increasing government expenditure

B. Maximising tax revenue

C. Reducing fiscal deficit

D. Price stability while keeping in mind growth

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Correct Answer: Option D

Explanation:
As per the Monetary Policy Framework Agreement, the primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth.

This question belongs to: Economy GK Economy Set 1

Question #2

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The term 'Invisible Trade' in the balance of payments includes:

A. Trade in services, income and unilateral transfers

B. Only foreign direct investment

C. Only capital transfers

D. Trade in merchandise goods only

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Correct Answer: Option A

Explanation:
Invisible trade (invisibles) comprises services (travel, transportation, software, etc.), primary income and secondary income (transfers).

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Open Market Operations' are conducted by the RBI to:

A. Fix the long-term fiscal deficit target

B. Manage liquidity and influence short-term interest rates

C. Determine tax rates

D. Regulate the stock market directly

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Correct Answer: Option B

Explanation:
Open Market Operations involve the buying and selling of government securities by the RBI to inject or absorb liquidity and thereby influence money market interest rates.

This question belongs to: Economy GK Economy Set 1

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