Multiple Choice Questions on Consider the following statements about the GST Goods amp Services Tax Bill recently passed by the p........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following statements about the GST Goods amp Services Tax Bill recently passed by the p...........

Indian Polity Constitutional Amendments
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    Consider the following statements about the GST (Goods & Services Tax) Bill recently passed by the parliament and identify the incorrect one

    The GST bill passed by Parliament needs to be ratified by all the states and union territories as it deals with the provisions of Fiscal Federalism.

    Correct Answer

    The GST bill subsumes all the ‘Indirect Taxes’ levied by states and the Union except those on Customs, Stamp Duties, Petroleum, Alcohol and Electricity.

    Incorrect Answer

    The GST will be levied at the destination point and not at every stage of production and retail.

    Incorrect Answer

    As part of the Bill the Union has to compensate the states for revenue losses due to introduction of GST for first five years.

    Incorrect Answer
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    Explanation:

     The bill needs to be ratified by half of the states (15 0f 29) and not by UTs as per the provisions of Article 368.
     

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