The 'Goods and Services Tax' rate on construction of residential property in an affordable housing project is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' rate on construction of residential property in an affordable housing project is:

A. 12%

B. 5% without ITC

C. 18%

D. 1% without ITC

Answer: Option D

Solution (By JKSSB Mock Tests)

Affordable housing construction attracts 1% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on health insurance for senior citizens is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option D

Explanation:
Health insurance for senior citizens attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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A tariff is a:

A. subsidy given to exporters

B. ban on exports

C. tax imposed on imported goods

D. quantitative limit on imports

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Correct Answer: Option C

Explanation:
A tariff is a tax imposed on imported goods.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on fruit juices is:

A. 18%

B. 28%

C. 12%

D. 5%

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Correct Answer: Option C

Explanation:
Fruit juices attract 12% GST.

This question belongs to: Economy GK Economy Set 1

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