Economics · Economy
Consider the following statements: Statement I: The GST Council has adopted a two-rate structure of 5% and 18%, with a special 40% rate for luxury and sin goods. Statement II: Cement has been reduced from 28% to 18%, which is expected to boost construction activity and lower housing costs. Statement III: The two-rate structure aligns India's GST framework with the OECD model of Value Added Tax (VAT) simplification. Which one of the following is correct in respect of the above statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement II and Statement III are correct, and both of them explain Statement I.
- 2Both Statement II and Statement III are correct, but only one of them explains Statement I.
- 3Only one of the Statements II and III is correct, and that explains Statement I.
- 4Neit her Statement II nor Statement III is correc t.✓
Correct answer
Neit her Statement II nor Statement III is correc t.
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