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Consider the following statements regarding Goods and Services Tax (GST).
- GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit.
- The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members.
- GST is applicable to all goods and services except specified petroleum products.
Which of the above statements is/are correct?
- a)1 only
- b)1,2
- c)1, 3
- d)1, 2, 3
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding Goods and Services Tax (GS...
India’s GST architecture is built on the firm foundations of a GST Council and the GST Network (GSTN). The first is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members.
GSTN generates high frequency data and subjects them to analytics for informed policy making.
Designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit.
GST is applicable to all goods and services except alcohol for human consumption and five specified petroleum products with a common threshold exemption applicable to both CGST and SGST.
Designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit.
GST is applicable to all goods and services except alcohol for human consumption and five specified petroleum products with a common threshold exemption applicable to both CGST and SGST.
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Consider the following statements regarding Goods and Services Tax (GS...
GST - Goods and Services Tax
GST is a comprehensive indirect tax that has replaced all the indirect taxes levied by the Centre and State governments. It was implemented on 1st July 2017.
Principles of GST
- Destination-based consumption taxation: GST is designed on the principle of destination-based consumption taxation. This means that the tax is levied on the final consumption of goods and services, and not on their production or sale.
- Seamless input tax credit: GST provides for a seamless input tax credit mechanism. This means that the tax paid on inputs can be used as a credit against the tax paid on the output.
GST Council
- The GST Council is the key decision-making body for GST. It is chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members.
- The GST Council is responsible for making recommendations on issues such as GST rates, exemptions, and thresholds.
Applicability of GST
- GST is applicable to all goods and services except specified petroleum products. This means that petroleum products such as petrol, diesel, crude oil, natural gas, and aviation turbine fuel are not covered under GST.
Conclusion
Therefore, the correct statements regarding GST are:
- GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit.
- The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members.
- GST is applicable to all goods and services except specified petroleum products.
Hence, option B, 1 and 2, is the correct answer.
GST is a comprehensive indirect tax that has replaced all the indirect taxes levied by the Centre and State governments. It was implemented on 1st July 2017.
Principles of GST
- Destination-based consumption taxation: GST is designed on the principle of destination-based consumption taxation. This means that the tax is levied on the final consumption of goods and services, and not on their production or sale.
- Seamless input tax credit: GST provides for a seamless input tax credit mechanism. This means that the tax paid on inputs can be used as a credit against the tax paid on the output.
GST Council
- The GST Council is the key decision-making body for GST. It is chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members.
- The GST Council is responsible for making recommendations on issues such as GST rates, exemptions, and thresholds.
Applicability of GST
- GST is applicable to all goods and services except specified petroleum products. This means that petroleum products such as petrol, diesel, crude oil, natural gas, and aviation turbine fuel are not covered under GST.
Conclusion
Therefore, the correct statements regarding GST are:
- GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit.
- The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members.
- GST is applicable to all goods and services except specified petroleum products.
Hence, option B, 1 and 2, is the correct answer.
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Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer?.
Solutions for Consider the following statements regarding Goods and Services Tax (GST). GST is designed on the principle of destination-based consumption taxation, with seamless provision for input tax credit. The GST Council is the key decision-making body, chaired by the Union Finance Minister with a Minister of State in charge of Finance and the Finance Ministers of States as members. GST is applicable to all goods and services except specified petroleum products.Which of the above statements is/are correct?a)1 onlyb)1,2c)1, 3d)1, 2, 3Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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