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Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? for JEE 2024 is part of JEE preparation. The Question and answers have been prepared according to the JEE exam syllabus. Information about Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for JEE 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer?.

Solutions for Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for JEE. Download more important topics, notes, lectures and mock test series for JEE Exam by signing up for free.

Here you can find the meaning of Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the following passage carefully and answer the question given below.Ever since the Centre and the States passed the landmark legislation in 2016 adopting a single countrywide Goods and Services Tax (GST), the federal council that is tasked with overseeing all the regulatory aspects of the indirect tax has had its hands full. From recommending the rates that could apply to various products and services, to deciding on what could be tax exempted, the GST Council has had theoneroustask of laying out the policy framework for administering the tax in a manner that benefits all stakeholders – the governments, the consumers and the suppliers along the value chain. Given the complexity of the legacy taxes that GST subsumed and replaced and the teething troubles of operating a new tax system, ensuring optimal outcomes has proved an abiding challenge. A significant concern relates to the loopholes thatunscrupulousoperators have sought to exploit, whereby revenue that ought to have accrued to the Centre and the States has leaked while allowing these elements to derive illicit profits. And the scale of some has been breath-taking. Earlier this month, the Directorate General of GST Intelligence and the Directorate General of Revenue Intelligence conducted a pan-India joint operation, which saw about 1,200 officers simultaneously conducting searches at 336 different locations. In the process they unearthed a network of exporters and their suppliers who hadconnivedto claim fraudulent refunds of Integrated GST, with more than 470 crore of input tax credit availed being based on non-existent entities or suppliers with fictitious addresses. A further 450 crore of IGST refund is also under review.It is against the backdrop of such cases, and the fact that frauds totaling up to a staggering 45,682 crore have been detected since the roll-out of the tax in July 2017, that the GST Council has decided “in principle” to recommend linking Aadhaar with registration of taxpayers. In its 37th meeting in Goa on Friday, the council also agreed to appraise the possibility of making the biometrics-based unique identifier mandatory for claiming refunds. Already the GST Network — the information technology backbone on which the whole tax system runs — has made it mandatory for new dealers registering under the composition scheme for small businesses to either authenticate their Aadhaar or submit to physical verification of their business, starting January 2020. The council too needs to follow the network’s lead and move swiftly to recommend mandatory linking for refunds, especially since that has proved to be the main source of most frauds. In a becalmed economy, neither the Centre nor States can afford to forego even a rupee of revenue that is due to the public coffers.Q.Which of the following is true about GST?I. GST applies different rates to same products.II. The tax has become a subject of national unrest.III. Some loopholes have been exploited to dupe government.a)Only Ib)Only IIc)Only I and IIId)Only IIICorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice JEE tests.