Which of the following taxes would be impacted by the Goods and Services Tax GST bill recently passe...........

Economic Affairs Tax System

Which of the following taxes would be impacted by the Goods and Services Tax (GST) bill, recently passed by the government?

1. Corporate tax

2. Service Tax

3. Octroi and Entry tax

Select the correct answer using the codes given below.

1 only

1 and 2 only

2 and 3 only

1, 2 and 3

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Explanation:

Goods and Services Tax bill was recently passed by the parliament. GST would subsume certain central and state taxes to create a unified taxation structure.

It will subsume several indirect taxed like:
At the Central level, the following taxes are being subsumed:

Central Excise Duty,
Additional Excise Duty,
Service Tax,
Additional Customs Duty commonly known as Countervailing Duty, and
Special Additional Duty of Customs.

At the State level, the following taxes are being subsumed:

Subsuming of State Value Added Tax/Sales Tax,
Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
Octroi and Entry tax,
Purchase Tax,
Luxury tax, and
Taxes on lottery, betting and gambling.