The 'GST on Non-Affordable Housing' (other than affordable) is: MCQ with Answer and Explanation

Question

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The 'GST on Non-Affordable Housing' (other than affordable) is:

A. 28%

B. 12% with ITC

C. 18%

D. 5% without ITC

Answer: Option D

Solution (By JKSSB Mock Tests)

Non-affordable residential real estate projects are taxed at 5% without ITC.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The accounting equation for a business on a particular date: Assets ₹5,00,000; Liabilities ₹2,00,000. Capital will be:

A. ₹3,00,000

B. ₹5,00,000

C. ₹2,00,000

D. ₹7,00,000

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Correct Answer: Option A

Explanation:
Capital = Assets - Liabilities = ₹5,00,000 - ₹2,00,000 = ₹3,00,000.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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On dissolution of a firm, an asset taken over by a partner is credited to:

A. Realisation Account

B. Partner's Capital Account

C. Asset Account

D. Bank Account

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Correct Answer: Option A

Explanation:
Asset taken over is recorded: Partner's Capital A/c Dr., To Realisation A/c. So Realisation A/c is credited.

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Question #3

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The 'Commodities Transaction Tax' (CTT) is levied on:

A. Non-agricultural commodity derivatives

B. All commodities

C. Agricultural commodities

D. Only gold

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Correct Answer: Option A

Explanation:
CTT is levied on trading in non-agricultural commodity derivatives.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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