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

The 'Goods and Services Tax' rate on postal services is:
A. 0%
B. 5%
C. 18%
D. 12%
Answer: Option A
Solution (By JKSSB Mock Tests)
Postal services by the Department of Posts are exempt from GST.

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Practice More Economy Set 1 Questions

Question #1
The concept of 'Degrowth' in ecological economics advocates:
A. The complete abandonment of all economic activity
B. Unlimited economic growth
C. A planned reduction of energy and resource throughput in high-income countries to bring the economy within ecological limits while improving well-being
D. Only growth in developing countries

Correct Answer: Option C


Explanation:
Degrowth is a school of thought that calls for a democratically planned downscaling of production and consumption in over-consuming countries in order to achieve ecological sustainability and social justice.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is not a component of the current account of the balance of payments?
A. Remittances from abroad
B. Exports of goods
C. Imports of services
D. Foreign direct investment

Correct Answer: Option D


Explanation:
Foreign direct investment is a capital account component, not current account.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'International Bank for Reconstruction and Development' and International Development Association together are called:
A. IMF
B. United Nations
C. World Bank Group
D. World Bank (narrowly)

Correct Answer: Option D


Explanation:
IBRD and IDA together are often referred to as the World Bank.

This question belongs to: Economy GK Economy Set 1