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With reference to the goods and services tax, consider the following statements:
1. The Union Government has recently notified uniform goods and services tax rate at 12 percent on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.
2. The GST on MMF, MMF yarn and MMF fabrics were 18 percent, 12 per cent and 5 percent respectively.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
With reference to the goods and services tax, consider the following s...
The Union Government has notified uniform goods and services tax rate at 12 percent on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.
  • The changed rates will come into effect from 1st January of next year. This will help the MMF segment grow and emerge as a big job provider in the country.
  • The textiles and apparel industry was having long-pending demand for removal of inverted tax structure on MMF value chain. The GST on MMF, MMF yarn and MMF fabrics were 18 percent, 12 per cent and 5 percent respectively.
  • Textiles Ministry has said, differential rates for garments create problems in compliance with tax regime.
  • It said the uniform rate of 12 percent for entire value chain of MMF textiles sector will benefit and save a lot of working capital. It will reduce the compliance burden of the industry players.
  • Hence both statements are correct.
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With reference to the goods and services tax, consider the following statements:1. The Union Government has recently notified uniform goods and services tax rate at 12 percent on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.2. The GST on MMF, MMF yarn and MMF fabrics were 18 percent, 12 per cent and 5 percent respectively.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the goods and services tax, consider the following statements:1. The Union Government has recently notified uniform goods and services tax rate at 12 percent on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.2. The GST on MMF, MMF yarn and MMF fabrics were 18 percent, 12 per cent and 5 percent respectively.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the goods and services tax, consider the following statements:1. The Union Government has recently notified uniform goods and services tax rate at 12 percent on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.2. The GST on MMF, MMF yarn and MMF fabrics were 18 percent, 12 per cent and 5 percent respectively.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the goods and services tax, consider the following statements:1. The Union Government has recently notified uniform goods and services tax rate at 12 percent on Man-Made Fibre (MMF), MMF yarn, MMF fabrics, and apparel.2. The GST on MMF, MMF yarn and MMF fabrics were 18 percent, 12 per cent and 5 percent respectively.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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