Question
Download Solution PDFGST is a/an
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is option 1.
Key Points
- Goods and Services Tax is an indirect tax used in India on the supply of goods and services.
- It is a value-added tax levied on most goods and services sold for domestic consumption.
- It was launched in India on 1 July 2017 as a comprehensive indirect tax for the entire country.
- It is a comprehensive, multistage, destination-based tax comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Hence option 1 is correct.
- It is paid by the consumers and is remitted to the government by the businesses selling the goods and services.
Additional Information
It is of three types i.e.
- CGST to be levied by the Centre,
- SGST to be levied by the States and
- IGST is a tax levied on all Inter-State supplies of goods and/or services.
- All these taxes are levied at rates mutually agreed upon by the Centre and the States.
- The GST Council headed by the Union Finance Minister is the governing and key decision-making body for GST.
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