The 'Goods and Services Tax' on renting of commercial property is: MCQ with Answer and Explanation

The 'Goods and Services Tax' on renting of commercial property is:
A. 12%
B. 18%
C. 28%
D. 5%
Answer: Option B
Solution (By JKSSB Mock Tests)
Renting of commercial property attracts 18% GST.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the 'Global Savings Glut' hypothesis?
A. A global shortage of saving
B. Capital flows were irrelevant
C. Only domestic factors determined interest rates
D. A surplus of global saving relative to investment contributed to low interest rates and capital flows into deficit countries

Correct Answer: Option D


Explanation:
The global-savings-glut hypothesis, advanced by Ben Bernanke, attributes the low long-term interest rates and large current-account deficits of some countries in the 2000s partly to excess saving in emerging Asia and oil-exporting economies.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on coal is:
A. 18%
B. 5%
C. 5% with input tax credit
D. 12%

Correct Answer: Option B


Explanation:
Coal attracts 5% GST.

This question belongs to: Economy GK Economy Set 1
Question #3
The term 'Non-Performing Asset' in Indian banking is defined as a loan where:
A. The borrower has excess collateral
B. Interest is paid regularly
C. Interest or principal is overdue for more than 90 days
D. The asset generates continuous income

Correct Answer: Option C


Explanation:
As per RBI guidelines, a term loan is classified as NPA if interest or instalment of principal remains overdue for a period of more than 90 days.

This question belongs to: Economy GK Economy Set 1