Consider the following statements related to GST bill 1 The Centre will have one third weight ...........

Economic Affairs Tax System

Consider the following statements related to GST bill

1. The Centre will have one third weight in the GST Council while the states will have the remaining two-thirds and decisions will have to be passed with 75% vote.

2. Petroleum and Alcohol is excluded from GST

Which of the above statements is/are correct?

Only 1

Only 2

Both of above

None of above

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Explanation:

GST is an indirect tax levied on manufacture, sale and consumption of goods as well as services at a national level. The decision to keep petroleum out of GST for the time being will also lower the revenue neutral rate (RNR), at which both the Centre and states will not make a loss. Alcohol will also be excluded from GST.