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  • Question
  • What is the new rate slashed by GST Council for construction flats during its 34thGST Council?


  • Options
  • A. 5%
  • B. 8%
  • C. 12%
  • D. 15%

  • Correct Answer
  • 5% 

    Explanation
    Union Finance Minister Arun Jaitley chaired 34th meeting of the Goods and Services Tax Council in New Delhi. It discussed the operational details for implementation of the recommendations made by the 33rd meeting of the council. The tax rate for under construction flats slashed to 5% and affordable homes to 1% without input tax credit (ITC) by the GST Council. Currently 12% GST is levied with input tax credit on payments made for under construction properties. It will be effective from April 1st. The council approved transition plan for new tax rates on residential properties. The developers of under construction buildings may either opt to shift to the revised lower rates without input tax credit or stick on to the previous rates.For housing projects launched after April 1st, the developers need to follow the new GST rates recommended by the Council. As per the council the changes will boost the real estate selling and ensure the rate cut benefits on to the middle class home buyers.

  • More questions

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    • Options
    • A. United States
    • B. Japan
    • C. China
    • D. Australia
    • Discuss
    • 2. How many Indian Navy Ship will take part in Chinese Navy's 70th anniversary celebrations?

    • Options
    • A. 3
    • B. 2
    • C. 5
    • D. 4
    • Discuss
    • 3. Royal Thai Embassy organised the 3rd edition of Namaste Thailand festival in __________.

    • Options
    • A. Jaipur
    • B. Ahmedabad
    • C. New Delhi
    • D. Surat
    • Discuss
    • 4. Which of the following has been awarded Best Capital City in the Solid Waste Management in the Swachh Survekshan 2018 rankings?

    • Options
    • A. Hyderabad
    • B. Pune
    • C. Bangalore
    • D. Ahmedabad
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    • 5. Name the Bengali author who has passed away, recently.

    • Options
    • A. Vijayendra Ghatge
    • B. Subhash Mukhopadhyay
    • C. Sushant Sanyal
    • D. Ramapada Chowdhury
    • Discuss
    • 6. Sulagitti Narasamma, who passed away recently, was the renowned social worker of which state?

    • Options
    • A. Kerala
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    • C. Andra Pradesh
    • D. TamilNadu
    • Discuss
    • 7. US-based Hyperloop Transportation Technologies was launched the first full-scale transportation capsule recently. The name of the capsule is;

    • Options
    • A. Eagle Pneumatic
    • B. Pevco
    • C. Quintero One
    • D. Minnesota
    • Discuss
    • 8. Veteran cricket coach Ramakant Achrekar passed away at the age of 87. For whom he trained?

    • Options
    • A. Sachin Tendulkar
    • B. Rahul Dravid
    • C. MS Dhoni
    • D. Virender Sehwag
    • Discuss
    • 9. What was the theme of the 5th Asia Pacific Broadcasting Union (ABU) Media Summit on Climate Action and Disaster Preparedness?

    • Options
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    • B. For procurement and marketing support to MSMEs
    • C. Media Solutions for Sustainable Future: Saving Lives, Building Resilient Communities
    • D. Innovative Solutions for environmental challenges and sustainable production and consumption
    • Discuss
    • 10. The book "Kalkatta" has been authored by whom?

    • Options
    • A. Kunal Basu
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