Question

The GST Act was enacted by Parliament vide the _______ Constitution Amendment Act, 2016 on 8th September 2016.
1. 97th
2. 84th
3. 101st
4. 114th

Answer 1

Correct Answer - Option 3 : 101st

The correct answer is 101^st.

• GST stands for Goods and Services Tax
  • GST was passed as the 101st amendment act. 
  • It came into force on 1st July 2017.
  • GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India.
  • It will replace existing multiple taxes levied by the central and state governments.
  • The concept of GST was first introduced in the parliament by P. Chidambaram in 2005.

• France is the first country to introduce GST.
• The different tax slabs under the GST are  0%, 5%, 12%, 18%, and 28%.
• One nation, one tax, one market is the motto of the GST.