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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

    • 1. The Scientist from this Institute have developed world's Thinnest Material by making usage of Magnesium Diboride.

    • Options
    • A. IIT Indore
    • B. IIT-Guwahati
    • C. IIT Gandhinagar
    • D. IIT Bhubaneswar
    • Discuss
    • 2. This country becomes World's 2nd biggest stock market.

    • Options
    • A. US
    • B. China
    • C. Japan
    • D. Germany
    • Discuss
    • 3. World Poetry Day observed on __________.

    • Options
    • A. 22nd March
    • B. 21st March
    • C. 23rd March
    • D. 24th March
    • Discuss
    • 4. Which state government has recently approved 27% quota for OBCs?

    • Options
    • A. Haryana
    • B. Madhya Pradesh
    • C. Odisha
    • D. West Bengal
    • Discuss
    • 5. How many Technology Mission Centre was launched by the Union Minister Harsh Vardhan?

    • Options
    • A. 6
    • B. 4
    • C. 3
    • D. 5
    • Discuss
    • 6. Who is planning to send a probe to study the sun early next year?

    • Options
    • A. JAXA
    • B. NASA
    • C. ISRO
    • D. BARC
    • Discuss
    • 7. The Union Cabinet approved introduction of the Indian Institutes of Information Technology Public Private Partnership (IIIT PPP) Bill, 2017. The bill grants statutory status to how many IIITs in Public Private Partnership and declares them as Institutions of National Importance?

    • Options
    • A. Fifteen
    • B. Sixteen
    • C. Twenty
    • D. Ten
    • Discuss
    • 8. Which country has celebrated the historic Mujibnagar day recently?

    • Options
    • A. Myanmar
    • B. Nepal
    • C. Sri Lanka
    • D. Bangladesh
    • Discuss
    • 9. Which team won the 2018 Club World Cup and record fourth in total?

    • Options
    • A. Real Madrid
    • B. Team Wellington
    • C. Guadalajara
    • D. Kashima Antlers
    • Discuss
    • 10. Indian Coast Guard offshore patrol vessel ____ commissioned by General Bipin Rawat

    • Options
    • A. Veera
    • B. ICGS Vijaya
    • C. ICGS Samrat
    • D. INS Vikrant
    • Discuss


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