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. 28%

C. 5%

D. 12%

Answer: Option D

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

The 'Senior Citizens Savings Scheme' is available for individuals aged:

A. 70 years and above

B. 65 years and above

C. 60 years and above

D. 50 years and above

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Correct Answer: Option C

Explanation:
The Senior Citizens Savings Scheme is available for individuals aged 60 years and above.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of 'Overconfidence' as a behavioural bias?

A. Perfectly calibrated confidence intervals

B. Only the absence of any self-assessment

C. The tendency of individuals to overestimate their own knowledge, abilities or the precision of their information

D. The tendency to underestimate one’s own abilities

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Correct Answer: Option C

Explanation:
Overconfidence manifests as excessive confidence in one’s own judgments, over-precision in probability estimates, or the better-than-average effect, and can lead to excessive trading and other suboptimal decisions.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of international trade, 'Most Favoured Nation' (MFN) treatment means:

A. Higher tariffs for all countries

B. Preferential treatment to one country only

C. Equal trade treatment to all member countries

D. Ban on imports from certain countries

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Correct Answer: Option C

Explanation:
MFN principle under WTO requires that any advantage granted to one member country must be extended to all other members, ensuring non-discrimination.

This question belongs to: Economy GK Economy Set 1

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