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

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

A. 5% without ITC

B. 1% without ITC

C. 12%

D. 18%

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

The 'Periodic Labour Force Survey' is conducted by:

A. National Statistical Office

B. Ministry of Labour

C. NITI Aayog

D. RBI

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Correct Answer: Option A

Explanation:
The Periodic Labour Force Survey is conducted by the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST Council' does not deal with:

A. income tax rates

B. GST exemptions

C. GST rates

D. GST returns

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Correct Answer: Option A

Explanation:
Income tax rates are not within GST Council's purview.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on interest on deposits and loans is:

A. 0%

B. 18%

C. 12%

D. exempt

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Correct Answer: Option D

Explanation:
Interest on deposits and loans is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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