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. 12%

B. 18%

C. 1% without ITC

D. 5% without ITC

Answer: Option C

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

Devaluation of a currency refers to:

A. official lowering of the value of a currency under a fixed exchange rate system

B. market-determined fall in the value of a currency

C. a rise in domestic interest rates

D. buying of foreign currency by the central bank

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Correct Answer: Option A

Explanation:
Devaluation is the official lowering of a currency's value under a fixed exchange rate system.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Mid-Day Meal Scheme' was launched in which year?

A. 2005

B. 2001

C. 1985

D. 1995

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Correct Answer: Option D

Explanation:
Mid-Day Meal Scheme was launched in 1995.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following factors does NOT affect the price elasticity of demand?

A. Time period allowed for adjustment

B. Cost of production of the commodity

C. Nature of the commodity (necessity or luxury)

D. Availability of close substitutes

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Correct Answer: Option B

Explanation:
The cost of production influences the supply side. Price elasticity of demand depends on substitutes, nature of the good, proportion of income spent, time and habits.

This question belongs to: Economy GK Economy Set 1

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