Question

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

Answer 1

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 101^st.
• The GST introduction constitutional amendment bill was 122^th.
• GST was introduced by Arun Jaitley.
• It was commenced on 1 July 2017.