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. 18%

D. 1%

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

In the context of market structures, price rigidity is a feature of:

A. Perfect competition

B. Monopolistic competition with free entry only

C. Oligopoly

D. Monopoly with no barriers

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Correct Answer: Option C

Explanation:
Oligopolistic markets often exhibit price rigidity, explained by the kinked demand curve model, due to inter-firm interdependence.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Central Goods and Services Tax' is levied by:

A. GST Council

B. local bodies

C. central government

D. state governments

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Correct Answer: Option C

Explanation:
CGST is levied by the central government on intra-state supply.

This question belongs to: Economy GK Economy Set 1

Question #3

The base year currently used for the Consumer Price Index in India is:

A. 2001

B. 2016

C. 2004-05

D. 2012

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Correct Answer: Option D

Explanation:
The current CPI series has 2012 as the base year.

This question belongs to: Economy GK Economy Set 1

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