The 'Goods and Services Tax' on real estate under-construction commercial property is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on real estate under-construction commercial property is:

A. 18%

B. 12%

C. 28%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Commercial under-construction property attracts 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1

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Question #1

FERA, replaced by FEMA, was enacted in:

A. 1991

B. 1973

C. 1980

D. 1947

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Correct Answer: Option B

Explanation:
FERA was enacted in 1973 and replaced by FEMA in 1999.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Bharat QR code' is used for:

A. land records

B. passport verification

C. digital payments at merchant locations

D. railway ticket booking

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Correct Answer: Option C

Explanation:
Bharat QR code is used for QR-based digital payments at merchants.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Time Preference' is related to the theory of:

A. Interest

B. Profit

C. Wages

D. Rent

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Correct Answer: Option A

Explanation:
The time preference theory of interest (associated with Böhm-Bawerk and others) explains interest as arising from the preference for present goods over future goods.

This question belongs to: Economy GK Economy Set 1

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