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What is the name of the all-India tax passed by the parliament in 2017?
1. GST
2. VAT
3. Service Tax
4. Levy

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Correct Answer - Option 1 : GST

The correct answer is GST.

  • Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services.
  • It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
  • Multi-staged as it is, the GST is imposed at every step in the production process.

  • The Constitutional Amendment Act of GST is 101st.
  • The GST introduction constitutional amendment bill was 122th.
  • GST was introduced by Arun Jaitley.
  • It was commenced on 1 July 2017.

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