Question

The Goods and Services Tax (GST) was introduced in India on 1st July, ______.
1. 2014
2. 2016
3. 2017
4. 2018

Answer 1

Correct Answer - Option 3 : 2017

The correct answer is 2017.

• The Goods and Services Tax (GST) was introduced in India on 1st July 2017.
• Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services.
• Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%.

• The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. 
• Goods exempted from GST are - Petroleum products, Alcohol, Khadi products, etc.
• Chairman of Central Board of Indirect Taxes - Shri Pranab Kumar Das.