The 'Goods and Services Tax' on long-term lease of industrial plots is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on long-term lease of industrial plots is:

A. 5%

B. 0%

C. 18%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Long-term lease of industrial plots attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Advance Tax' is payable in instalments by:

A. only salaried individuals

B. all citizens

C. only companies

D. persons whose estimated tax liability exceeds Rs 10,000

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Correct Answer: Option D

Explanation:
Advance tax is payable if estimated tax liability exceeds Rs 10,000 in a year.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Pradhan Mantri Krishi Sinchai Yojana' aims at:

A. improving irrigation and water-use efficiency

B. promoting exports

C. crop insurance

D. providing tractors

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Correct Answer: Option A

Explanation:
PMKSY aims to improve irrigation coverage and water-use efficiency.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST compensation cess' is levied on which goods?

A. essential food items

B. all goods

C. agricultural produce only

D. luxury and sin goods

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Correct Answer: Option D

Explanation:
GST compensation cess is levied on luxury and sin goods.

This question belongs to: Economy GK Economy Set 1

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