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GST (Goods and Services Tax), the proposed tax reform by the Central Government, is related primarily to
1. Direct Taxes
2. Indirect Taxes
3. Sovereign Taxes
4. Foreign Taxes

1 Answer

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Best answer
Correct Answer - Option 2 : Indirect Taxes

The correct answer is Indirect Taxes.

  • Goods and Services Tax (GST) is an indirect tax used in India on the manufacture, sale, and consumption of goods and services in India.
    • Came into effect from 1st July 2017 in India.
    • GST was passed as the 101st Amendment act.
    • Assam is the first state to approve the GST bill.
    • The slogan of GST: One Nation, One Tax, One Market.
    • GST has compliance costs, which have even gone up to 2X for the taxpayers in recent times.
    • Goods and Services Tax would not be an expense to the retail sellers and therefore there are no hidden taxes.
    • GST ends the far-reaching effect of the tax.
    • GST resolved disputes related to the classification of goods and services.
  • GST Council is the governing body of GST.
    • Article 279 A deals with the formation of the GST council.
    • Union Finance Minister is the chairperson of the GST council.
    • Nirmala Sitharaman is the current chairperson of the GST council.
  • France is the first country to introduce GST.
  • Different tax slabs for collection of tax under GST are 0%, 5%, 12%, 18% and 28%.

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