Which one of the following statements regarding GST is <strong>NOT</strong> correct?
- A. Amendment 115 to the Constitution of India kept alcohol for human use and five petroleum products outside the ambit of GST.
- B. Amendment 122 to the Constitution of India kept only alcohol for human use outside the ambit of GST.
- C. Precious metals are taxed at a rate of 1% under GST. ✓
- D. Unworked diamond is taxed at a rate of 0.25%.
Correct Answer: C. Precious metals are taxed at a rate of 1% under GST.
Explanation
Under the Goods and Services Tax (GST) regime in India, precious metals such as gold and silver are generally taxed at a special rate of 3%, not 1%.
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