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

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

A. 5%

B. 18%

C. 28%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Telecom services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Income Tax Assessment' in India is done by:

A. RBI

B. NITI Aayog

C. SEBI

D. Income Tax Department

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Correct Answer: Option D

Explanation:
Income Tax assessment is done by the Income Tax Department.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is an advantage of a flexible exchange rate regime?

A. No need for any foreign exchange reserves

B. Elimination of all exchange rate volatility

C. Automatic adjustment mechanism for balance of payments disequilibria

D. Complete insulation from all external shocks

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Correct Answer: Option C

Explanation:
Under flexible exchange rates, the currency appreciates or depreciates automatically in response to balance of payments pressures, helping to restore equilibrium.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on freight transport by road is:

A. 5%

B. 5% without ITC or 12% with ITC

C. 18%

D. 28%

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Correct Answer: Option B

Explanation:
Goods transport agency services attract 5% without ITC or 12% with ITC.

This question belongs to: Economy GK Economy Set 1

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