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

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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

Answer: Option B

Solution (By JKSSB Mock Tests)

Affordable housing under construction attracts 1% GST without ITC.

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' rate on essential food items is:

A. 0%

B. 5%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Essential food items are often at 0% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The Mahatma Gandhi National Rural Employment Guarantee Act guarantees how many days of wage employment in a financial year?

A. 100 days

B. 120 days

C. 90 days

D. 150 days

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Correct Answer: Option A

Explanation:
MGNREGA guarantees 100 days of wage employment in a financial year to rural households.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'labour force participation rate' is calculated as labour force divided by:

A. employed persons

B. total population

C. working-age population

D. unemployed persons

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Correct Answer: Option C

Explanation:
LFPR is labour force as a percentage of working-age population.

This question belongs to: Economy GK Economy Set 1

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