With reference to the Goods and Services Tax (GST), consider the following statements:1. It is anindirect tax.2. It is divided into five different tax slabs for collection of tax -0%, 5%, 12%, 18% and 28%.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 (GST), consider the following statements:

1. It is an indirect tax.

2. It is divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.

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?

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Daily Current Affairs MCQ- May 23, 2022

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With reference to the Goods and Services Tax (GST), consider the follo...

Recently, the Supreme Court of India (SC), held that Union and State legislatures have equal, simultaneous and unique powers to make laws on Goods and Services Tax (GST) and the recommendations of the GST Council are not binding on them.

It is an indirect tax (not directly paid by customers to the government), that came into effect from 1 July 2017 through the implementation of the 101st Amendment to the Constitution of India.
It has actually replaced various indirect taxes such as - service taxes, VAT, excise and others in the country.
It is levied on the manufacturer or seller of goods and the providers of services.
The sellers usually add the tax expense into their costs and the price the customers pay is inclusive of GST. Thus, one ends up paying a tax even if s/he is not an income taxpayer.
It is divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.

Hence both statements are correct.

Answered by Notes Wala · View profile

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With reference to the Goods and Services Tax (GST), consider the following statements:1. It is anindirect tax.2. It is divided into five different tax slabs for collection of tax -0%, 5%, 12%, 18% and 28%.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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