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. 5%

B. 12%

C. 28%

D. 18%

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

The 'Goods and Services Tax' on services provided by journalists is:

A. 18%

B. 12%

C. 5%

D. 0%

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Correct Answer: Option A

Explanation:
Journalist services attract 18% GST unless exempt.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Economic Survey' is the annual flagship document of:

A. RBI

B. SEBI

C. Ministry of Finance

D. NITI Aayog

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Correct Answer: Option C

Explanation:
Economic Survey is the flagship annual document of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Invisible Trade' in the balance of payments refers to:

A. Only foreign direct investment

B. Only capital transfers

C. Trade in services, income and transfers

D. Trade in goods only

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Correct Answer: Option C

Explanation:
Invisible trade (or invisibles) includes trade in services (such as tourism, software, transportation), income (interest, dividends) and unilateral transfers.

This question belongs to: Economy GK Economy Set 1

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