The 'Goods and Services Tax' on sale of land and completed buildings is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on sale of land and completed buildings is:

A. 5%

B. exempt

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Sale of land and completed buildings is not subject to GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Kisan Vikas Patra' is a:

A. crop insurance scheme

B. bank account

C. small savings certificate scheme

D. stock market instrument

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Correct Answer: Option C

Explanation:
Kisan Vikas Patra is a small savings certificate scheme.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on sale of under-construction residential affordable housing is:

A. 18%

B. 1% without ITC

C. 12%

D. 5% without ITC

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Correct Answer: Option B

Explanation:
Affordable housing under construction attracts 1% GST without ITC.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Composition Scheme' under GST is available for goods suppliers with turnover up to:

A. Rs 1.5 crore

B. Rs 5 crore

C. Rs 10 crore

D. Rs 40 lakh

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Correct Answer: Option A

Explanation:
Composition scheme for goods is available up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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