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

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

A. 12%

B. 5% or 1% for affordable housing

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Under-construction residential properties attract 5% GST (1% for affordable housing without ITC).

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Startup India' initiative is implemented by which department?

A. Ministry of Finance

B. Department for Promotion of Industry and Internal Trade

C. NITI Aayog

D. Ministry of Skill Development

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Correct Answer: Option B

Explanation:
Startup India is implemented by DPIIT.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Economic Census' is conducted by:

A. SEBI

B. Ministry of Statistics and Programme Implementation

C. RBI

D. NITI Aayog

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Correct Answer: Option B

Explanation:
Economic Census is conducted by MoSPI.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is an example of a quasi-public good?

A. Education

B. National defence

C. Clean air

D. Street lighting

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Correct Answer: Option A

Explanation:
Education is often classified as a quasi-public (or merit) good because it is partially excludable and rivalrous but generates significant positive externalities, justifying public provision.

This question belongs to: Economy GK Economy Set 1

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