Which one of the following statements regarding GST is not correct?
- AAmendment 115 to the Constitution of India kept alcohol for human use and five petroleum products outside the ambit of GST.
- BAmendment 122 to the Constitution of India kept only alcohol for human use outside the ambit of GST.
- CPrecious metals are taxed at a rate of 1% under GST.
- DUnworked diamond is taxed at a rate of 0.25%.
Explanation
Statement 1 is correct: the 115th Constitution Amendment Bill (2011) kept the five petroleum products (crude, petrol, diesel, ATF, natural gas) and alcoholic liquor for human consumption outside GST. Statement 2 is correct: the 122nd Amendment Bill (2014) as introduced kept only alcoholic liquor for human consumption out of GST. Statement 3 is NOT correct: precious metals and jewellery are taxed at 3% GST, not 1% (only rough/unworked diamonds attract 0.25%). Statement 4 is correct: unworked/rough diamonds attract 0.25% GST. Hence statement 3 is not correct. Cross-checked against the text of the Amendment Bills and testbook.com's CDS 21 April 2024 official paper solutions.