Multiple Choice Questions on Which of the following is true regarding the recent GST act 1 Subsumes central and st........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Which of the following is true regarding the recent GST act 1 Subsumes central and st...........

Economic Affairs Tax System
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    Which of the following is true regarding the recent GST act?

    1.    Subsumes central and state indirect taxes

    2.    Gives concurrent powers of taxation on goods and services to both centre and states.

    3.    The destination state will collect taxes in case of inter-state trade and commerce

    4.    Charged on wholesale cost.

    Choose the correct answer from the codes below

    1 and 2

    Correct Answer

    1,2 and 4

    Incorrect Answer

    1,2,3,4

    Incorrect Answer

    1,2,3

    Incorrect Answer
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    Explanation:
    3rd and 4th statements are incorrect.
    GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India (Except state of Jammu and Kashmir) , to replace taxes levied by the central and state governments.
     

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