The 'Goods and Services Tax' on land and property is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on land and property is:

A. 5%

B. 0%

C. 18%

D. not applicable

Answer: Option D

Solution (By JKSSB Mock Tests)

Sale of land and completed buildings is not subject to GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The first Narasimham Committee of 1991 was appointed to recommend reforms in:

A. agricultural pricing

B. capital markets only

C. indirect taxes

D. the financial system and banking sector

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Correct Answer: Option D

Explanation:
The Narasimham Committee was appointed to recommend financial system and banking sector reforms.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the Indian service sector?

A. Absence of IT and ITES services

B. Complete dependence on agriculture

C. Largest contributor to GDP and significant employment generation in recent decades

D. Low contribution to GDP

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Correct Answer: Option C

Explanation:
The services sector is the largest contributor to India's GDP and has been a major driver of growth, particularly through IT, financial services, trade and tourism.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Infant Industry Argument' for protection supports:

A. permanent tariffs on all imports

B. free trade

C. protecting mature industries

D. temporary protection to new industries to help them develop

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Correct Answer: Option D

Explanation:
The infant industry argument supports temporary protection for new industries until they become competitive.

This question belongs to: Economy GK Economy Set 1

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