Which of the following statements are true in the context of proposed Goods and Services Tax 1 ...........

Economic Affairs Tax System

Which of the following statements are true in the context of proposed Goods and Services Tax?

1. GST will subsume all major central and state governments’ taxes

2. GST is destination based Tax

3. The proceeds will be divided among the consuming state and producing states.

4. The additional IGST will accrue to the producing state for some initial years

Codes

1, 2 and 3

2, 3

1, 2 and 4

1 and 2 only

3rd statement is incorrect i.e. the proceeds will be divided among the consuming state and producing states.

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