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

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

A. 12%

B. 5% without ITC

C. 1%

D. 18%

Answer: Option B

Solution (By JKSSB Mock Tests)

Non-affordable residential under-construction property attracts 5% 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 Phillips curve shows an inverse relationship between:

A. inflation and unemployment

B. output and employment

C. inflation and interest rates

D. money supply and price level

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Correct Answer: Option A

Explanation:
The Phillips curve suggests a short-run trade-off between inflation and unemployment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Manufacturing Policy' aims to create National Investment and Manufacturing Zones that are basically:

A. agricultural zones

B. residential colonies

C. industrial parks with world-class infrastructure

D. special economic zones only

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Correct Answer: Option C

Explanation:
NIMZs are integrated industrial parks with advanced infrastructure.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Composition Scheme' under GST is available to small taxpayers with turnover up to:

A. Rs 10 crore

B. Rs 5 crore

C. Rs 50 lakh

D. Rs 1.5 crore

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Correct Answer: Option D

Explanation:
The composition scheme is available to taxpayers with annual turnover up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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