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Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?
- a)It will replace all central taxes, duties, etc.only by a single tax.
- b)It will subsume central as well as State taxes, duties, etc.
- c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.
- d)Petroleum and petroleum products shall not be subjected to the levy of GST.
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Which one of the following statements is correct in relation to the GS...
- Goods and Service Tax is an indirect tax that has subsumed all the indirect taxes previously prevalent in India.
- It came into effect in the country with effect from 01.07.2017.
Most Upvoted Answer
Which one of the following statements is correct in relation to the GS...
Explanation:
Subsumption of Taxes:
The GST Bill passed by the Rajya Sabha in August 2016 aims to subsume all central as well as State taxes, duties, etc. under a single tax system. This means that various indirect taxes like Central Excise Duty, Service Tax, State Value Added Tax (VAT), Central Sales Tax, etc. will be replaced by the Goods and Services Tax (GST).
Uniform Rate:
Under the GST regime, alcoholic liquor for human consumption will not be subjected to a uniform rate of 25 percent. The taxation of alcoholic liquor is a special case in the GST framework, and it is subject to separate regulations by the State governments.
Exclusion of Petroleum Products:
One of the key exclusions from the GST framework is petroleum and petroleum products. These products will not be subjected to the levy of GST initially. There may be a provision to include them in the GST ambit at a later stage, depending on the recommendations of the GST Council.
Therefore, option 'B' is the correct statement in relation to the GST Bill passed by the Rajya Sabha in August 2016. It signifies the comprehensive nature of the GST regime, which seeks to streamline the indirect tax structure by subsuming various taxes at the central and state levels under a unified tax system.
Subsumption of Taxes:
The GST Bill passed by the Rajya Sabha in August 2016 aims to subsume all central as well as State taxes, duties, etc. under a single tax system. This means that various indirect taxes like Central Excise Duty, Service Tax, State Value Added Tax (VAT), Central Sales Tax, etc. will be replaced by the Goods and Services Tax (GST).
Uniform Rate:
Under the GST regime, alcoholic liquor for human consumption will not be subjected to a uniform rate of 25 percent. The taxation of alcoholic liquor is a special case in the GST framework, and it is subject to separate regulations by the State governments.
Exclusion of Petroleum Products:
One of the key exclusions from the GST framework is petroleum and petroleum products. These products will not be subjected to the levy of GST initially. There may be a provision to include them in the GST ambit at a later stage, depending on the recommendations of the GST Council.
Therefore, option 'B' is the correct statement in relation to the GST Bill passed by the Rajya Sabha in August 2016. It signifies the comprehensive nature of the GST regime, which seeks to streamline the indirect tax structure by subsuming various taxes at the central and state levels under a unified tax system.
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Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer?
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Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer?.
Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which one of the following statements is correct in relation to the GST Bill passed by the RajyaSabha in August 2016?a)It will replace all central taxes, duties, etc.only by a single tax.b)It will subsume central as well as State taxes, duties, etc.c)GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.d)Petroleum and petroleum products shall not be subjected to the levy of GST.Correct answer is option 'B'. Can you explain this answer?.
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