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

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The 'Goods and Services Tax' on renting of residential property for commercial use is:

A. 12%

B. 5%

C. 18%

D. 0%

Answer: Option C

Solution (By JKSSB Mock Tests)

Renting residential property for commercial use attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on cable TV services is:

A. 12%

B. 28%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Cable TV services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a type of market structure based on the number of sellers?

A. Duopoly (two sellers)

B. Monopsony as a seller-based classification

C. Monopoly (one seller)

D. Oligopoly (few sellers)

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Correct Answer: Option B

Explanation:
Monopsony refers to a market with a single buyer. Market structures based on the number of sellers are monopoly, duopoly, oligopoly and perfect competition (many sellers).

This question belongs to: Economy GK Economy Set 1

Question #3

The 'SFURTI' scheme is related to:

A. rural roads

B. banking

C. urban housing

D. traditional industries clusters

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Correct Answer: Option D

Explanation:
SFURTI promotes cluster development of traditional industries.

This question belongs to: Economy GK Economy Set 1

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