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. 18%

B. 1%

C. 12%

D. 5% without ITC

Answer: Option D

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 'optimal currency area' theory was developed by:

A. Paul Krugman

B. Robert Mundell

C. Milton Friedman

D. John Maynard Keynes

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Correct Answer: Option B

Explanation:
Robert Mundell developed the theory of optimal currency areas.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on services provided by SEBI is:

A. exempt

B. 0%

C. 18%

D. 5%

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Correct Answer: Option A

Explanation:
SEBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of cost curves, when Marginal Cost is less than Average Cost:

A. Average Cost is falling

B. Average Cost is at its maximum

C. Average Cost is rising

D. Average Cost is constant

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Correct Answer: Option A

Explanation:
When MC is below AC, it pulls the average down, so AC is falling. AC starts rising only when MC exceeds AC.

This question belongs to: Economy GK Economy Set 1

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