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

Question

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

A. 18%

B. 12%

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

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Question #1

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The 'Pradhan Mantri Kisan Samman Nidhi' provides income support to all landholding farmer families, irrespective of landholding size.

A. False

B. Only for marginal farmers

C. Only for small farmers

D. True

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Correct Answer: Option D

Explanation:
PM-KISAN covers all landholding farmer families subject to certain exclusions, irrespective of landholding size.

This question belongs to: Economy GK Economy Set 1

Question #2

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Crowding out occurs when:

A. private investment reduces government spending

B. government expenditure increases private investment

C. taxes are reduced

D. government borrowing reduces private investment

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Correct Answer: Option D

Explanation:
Crowding out occurs when increased government borrowing raises interest rates and reduces private investment.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a characteristic of a closed economy?

A. No foreign trade

B. Membership of WTO only

C. High volume of exports and imports

D. Free capital flows

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Correct Answer: Option A

Explanation:
A closed economy does not engage in international trade or capital flows. It is self-sufficient and isolated from the rest of the world.

This question belongs to: Economy GK Economy Set 1

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