Question

The Goods and Services Tax (GST) – which has replaced the Central and State indirect taxes such as VAT, excise duty and service tax in India – was implemented on:
1. 2 October 2017
2. 15 September 2017
3. 15 August 2017
4. 1 July 2017

Answer 1

Correct Answer - Option 4 : 1 July 2017

The correct answer is 1 July 2017.

 

• The 101st Amendment Act of 2016 paved the way for the introduction of goods and services tax - GST in the country.
• The GST was implemented with effect from 1 July 2017.
• The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
• The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

 

GST Council

• Article 279-A in the Constitution empowered the President to constitute a GST Council by an order.
• Accordingly, the President issued the order in 2016 and constituted the Council.
• The council is devised in such a way that the center will have 1/3rd voting power and the states have 2/3rd.
• The decisions are taken by the 3/4th majority.