Which one of the following statements regarding GST is not 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.✓ Correct
D.Unworked diamond is taxed at a rate of 0·25%.
Explanation
Option (c) is the incorrect statement. Precious metals such as gold and silver are taxed at 3% under GST, not 1%. Option (a) refers to the 115th Constitutional Amendment Bill (the original 2011 GST bill that lapsed). Option (b) refers to the 122nd Amendment Bill, which became the 101st Amendment Act, 2016; it kept alcohol for human consumption permanently outside GST and five petroleum products (crude petroleum, petrol, diesel, natural gas, ATF) temporarily outside GST. Option (d) is correct: rough/unworked diamonds attract GST at 0.25%.
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