The 'Goods and Services Tax' rate on construction of other residential property is: MCQ with Answer and Explanation

Question

Share Report Error

The 'Goods and Services Tax' rate on construction of other residential property is:

A. 12%

B. 18%

C. 5% without ITC

D. 1%

Answer: Option C

Solution (By JKSSB Mock Tests)

Non-affordable residential construction attracts 5% GST without ITC.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on SUVs is:

A. 12%

B. 28% plus cess

C. 5%

D. 18%

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
SUVs attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

Question #2

An inflationary gap exists when:

A. aggregate demand is less than full employment output

B. actual output is below potential output

C. unemployment is high

D. aggregate demand exceeds full employment output

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
An inflationary gap occurs when aggregate demand exceeds what the economy can produce at full employment.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of 'Herd Behaviour' in financial markets?

A. Individuals always act independently on the basis of their own information

B. Only fundamental information drives prices

C. Individuals imitate the actions of others, potentially leading to cascades and excess volatility

D. Imitation never occurs

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
Herd behaviour occurs when agents follow the actions of others rather than their own private information, which can generate informational cascades, bubbles and crashes.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs