Direction: Read the following passage carefully and answer the questions given below:Indiaandrsquo;s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. Januaryandrsquo;s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over Decemberandrsquo;s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,andrdquo; the Ministry said.[Extracted, with edits and revisions, from: andldquo;1.56-lakh-crore GST mop-up in January second highest so farandrdquo;, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer?

Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity

Open App

CLAT Exam > CLAT Questions > Direction: Read the following passage careful...

Direction: Read the following passage carefully and answer the questions given below:

India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly ₹1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over ₹1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were ₹1,67,540 crore.

For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.

The Government has settled ₹38,507 crore to Central GST (CGST) and ₹32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is ₹67,470 crore for CGST and ₹69,354 crore for the SGST,” the Ministry said.

[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]

Q. What is the primary purpose of Integrated Goods and Services Tax (IGST) in India's taxation system?

a)
To tax all intrastate transactions uniformly
b)
To facilitate international trade
c)
To ensure fair distribution of tax revenue between states in interstate transactions
d)
To levy taxes exclusively on central government transactions

Correct answer is option 'C'. Can you explain this answer?

Join for Free

Join for Free

Verified Answer

Direction: Read the following passage carefully and answer the questio...

Integrated Goods and Services Tax (IGST) is a significant component of India's Goods and Services Tax (GST) system.

IGST is specifically designed to address the taxation of interstate transactions, which involve the movement of goods and services between different states in India.
Its primary purpose is to ensure that the tax revenue generated from these transactions is distributed fairly between the originating state and the consuming state.
This mechanism helps maintain a balanced revenue-sharing system among states and contributes to the seamless flow of goods and services across state borders within India's unified taxation framework.

View all questions of this test

View all answers Start learning for free

Explore Courses for CLAT exam

Similar CLAT Doubts

The question is based on the reasoning and arguments, or facts and principles set out in the passage. Some of these principles may not be true in the real or legal sense, yet you must conclusively assume that they are true for the purpose. Please answer the question on the basis of what is stated or implied in the passage. Do not rely on any principle of law other than the ones supplied to you, and do not assume any facts other than those supplied to you when answering the question. Please choose the option that most accurately and comprehensively answers the question.Sec. 126 of the Indian Contract Act 1872, which deals with the contract of guarantee, has defined it as a contract to perform the promise, or discharge the liability of a third person in case of his defaults. Contracts of guarantees may be classified into two types: specific guarantee and continuing guarantee. When a guarantee is given in respect of a single debt or specific transaction and is to come to an end when the guaranteed debt is paid or the promise is duly performed, it is called a specific or simple guarantee. However, a guarantee which extends to a series of transactions is called a continuing guarantee. The suretys liability, in this case, would continue till all the transactions are completed or till the guarantor revokes the guarantee as to the future transactions.A continuing guarantee is defined under Section 129 of the Indian Contract Act, 1872. A continuing guarantee is a type of guarantee which applies to a series of transactions. It applies to all the transactions entered into by the principal debtor until it is revoked by the surety. Therefore, bankers always prefer to have a continuing guarantee so that the guarantors liability is not limited to the original advances and would also extend to all subsequent debts.The most important feature of a continuing guarantee is that it applies to a series of separable, distinct transactions. Therefore, when a guarantee is given for an entire consideration, it cannot be termed as a continuing guarantee.So far as a guarantee given for an existing debt is concerned, it cannot be revoked, as once an offer is accepted it becomes final. However, a continuing guarantee can be revoked for future transactions. In that case, the surety shall be liable for those transactions which have already taken place.After making a payment and discharging the liability of the principal debtor, the surety gets various rights. These rights can be studied under three heads:Rights against the principal debtors: In every contract of guarantee, there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee. This is because the surety has suffered a loss due to the non-fulfilment of promise by the principal debtor and therefore the surety has a right to be compensated by the debtorOn the default of payment by the principal debtor, when the surety pays off the debt of the principal debtor he becomes entitled to claim all the securities which were given by the principal debtor to the creditor. The surety has the right to all securities whether received before or after the creation of the guarantee and it is also immaterial whether the surety has knowledge of those securities or not.Q.Chirag guarantees to Diya to the extent of Rs. 10,000 in August that Elle shall pay for all the goods bought by him during the next three months. Chirag gives a notice of revocation. Diya sells goods worth Rs. 6,000 to Elle in January. Decide.

View answer

The question is based on the reasoning and arguments, or facts and principles set out in the passage. Some of these principles may not be true in the real or legal sense, yet you must conclusively assume that they are true for the purpose. Please answer the question on the basis of what is stated or implied in the passage. Do not rely on any principle of law other than the ones supplied to you, and do not assume any facts other than those supplied to you when answering the question. Please choose the option that most accurately and comprehensively answers the question.Sec. 126 of the Indian Contract Act 1872, which deals with the contract of guarantee, has defined it as a contract to perform the promise, or discharge the liability of a third person in case of his defaults. Contracts of guarantees may be classified into two types: specific guarantee and continuing guarantee. When a guarantee is given in respect of a single debt or specific transaction and is to come to an end when the guaranteed debt is paid or the promise is duly performed, it is called a specific or simple guarantee. However, a guarantee which extends to a series of transactions is called a continuing guarantee. The suretys liability, in this case, would continue till all the transactions are completed or till the guarantor revokes the guarantee as to the future transactions.A continuing guarantee is defined under Section 129 of the Indian Contract Act, 1872. A continuing guarantee is a type of guarantee which applies to a series of transactions. It applies to all the transactions entered into by the principal debtor until it is revoked by the surety. Therefore, bankers always prefer to have a continuing guarantee so that the guarantors liability is not limited to the original advances and would also extend to all subsequent debts.The most important feature of a continuing guarantee is that it applies to a series of separable, distinct transactions. Therefore, when a guarantee is given for an entire consideration, it cannot be termed as a continuing guarantee.So far as a guarantee given for an existing debt is concerned, it cannot be revoked, as once an offer is accepted it becomes final. However, a continuing guarantee can be revoked for future transactions. In that case, the surety shall be liable for those transactions which have already taken place.After making a payment and discharging the liability of the principal debtor, the surety gets various rights. These rights can be studied under three heads:Rights against the principal debtors: In every contract of guarantee, there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee. This is because the surety has suffered a loss due to the non-fulfilment of promise by the principal debtor and therefore the surety has a right to be compensated by the debtorOn the default of payment by the principal debtor, when the surety pays off the debt of the principal debtor he becomes entitled to claim all the securities which were given by the principal debtor to the creditor. The surety has the right to all securities whether received before or after the creation of the guarantee and it is also immaterial whether the surety has knowledge of those securities or not.Q.Chirag guarantees to Diya to the extent of Rs. 10,000 in August that Elle shall pay for all the goods bought by him during the next three months. Chirag gives a notice of revocation. Diya sells goods worth Rs. 6,000 to Elle in January. Decide.

View answer

The COVID-19 pandemic has taken the entire world hostage in less than four months, and the global economy has been hit the hardest with governments across the globe implementing stringent policies including lockdown to control the coronavirus outbreak. The pandemic today presents unprecedented challenges and impediments to businesses in conducting their normal operations. The lockdown across the world has caused delays in the performance of contracts and transactions. Now, the question that arises is whether the current situation can enable parties to a contract to alter their obligations with non-compliance of terms neither being regarded as a "default committed by any party" nor a "breach of contract"? There are certain well-accepted practices for dealing with such extraordinary situations in commercial transactions by the inclusion of force majeure & material adverse effect (MAE) clauses. Determination of the types of circumstances so covered by the force majeure clause contained in a contract is essential. Provisions of force majeure often cover natural disasters like hurricanes, floods, and earthquakes as "acts of God." Other covered events may include war, terrorism, civil disorder, fire, disease medical epidemics or by reasons of applicable laws or regulations. Broadly, the Courts have interpreted the term "Force Majeure" as an event that can neither be anticipated nor controlled by either of the contracting parties. A force majeure clause applies in the context of ongoing contractual arrangements, whereas, an MAE or material adverse change (MAC) clause applies to the allocation of risk in transactions before their closure or completion. Pandemic and related consequences such as government action is a type of event covered by a force majeure clause, however, its impact on the affected partys ability to perform its contractual obligations may vary depending upon contractual terms. It is common for force majeure clauses to specify the impact that the event or circumstances in question must have, in order for the clause to be triggered. References may be made, for example, to the event or circumstances having "prevented", "hindered" or "delayed" performance. These terms require different levels of impact on performance before a party can claim recourse to these clauses. In other words, the force majeure and MAC clauses act as an exception to what would otherwise be treated as a breach of contract. Certain contracts may state that, if a force majeure clause is applied, the contract may automatically be terminated. On the other hand, some contracts may even state that the duty to fulfil the contractual obligation may be suspended for a certain period of time and if the force majeure event is not curbed or treated even after such time, then eventually the contract may be terminated. Though there cannot be a one-size-fits-all solution to this question, and it depends upon how the force majeure clause is worded in a specific contract; and in the absence of the same, applicable laws related to the same will be required to be taken into consideration.Q.Typically, the MAE (Material Adverse Chang e) provision in an agreement contemplates events which if they occur, or are likely occur, would have a “materially adverse change or effect on the assets, business, property, liabilities, financial condition, results, operations of the target” or that “affects the ability of the transacting parties to consummate the transaction” or the “validity or enforceability of the transacting parties to its rights and remedies under the transaction documents”. Which of the following sample clauses in a contract resembles an MAE clause?

View answer

The question is based on the reasoning and arguments, or facts and principles set out in the passage. Some of these principles may not be true in the real or legal sense, yet you must conclusively assume that they are true for the purpose. Please answer the question on the basis of what is stated or implied in the passage. Do not rely on any principle of law other than the ones supplied to you, and do not assume any facts other than those supplied to you when answering the question. Please choose the option that most accurately and comprehensively answers the question.Sec. 126 of the Indian Contract Act 1872, which deals with the contract of guarantee, has defined it as a contract to perform the promise, or discharge the liability of a third person in case of his defaults. Contracts of guarantees may be classified into two types: specific guarantee and continuing guarantee. When a guarantee is given in respect of a single debt or specific transaction and is to come to an end when the guaranteed debt is paid or the promise is duly performed, it is called a specific or simple guarantee. However, a guarantee which extends to a series of transactions is called a continuing guarantee. The suretys liability, in this case, would continue till all the transactions are completed or till the guarantor revokes the guarantee as to the future transactions.A continuing guarantee is defined under Section 129 of the Indian Contract Act, 1872. A continuing guarantee is a type of guarantee which applies to a series of transactions. It applies to all the transactions entered into by the principal debtor until it is revoked by the surety. Therefore, bankers always prefer to have a continuing guarantee so that the guarantors liability is not limited to the original advances and would also extend to all subsequent debts.The most important feature of a continuing guarantee is that it applies to a series of separable, distinct transactions. Therefore, when a guarantee is given for an entire consideration, it cannot be termed as a continuing guarantee.So far as a guarantee given for an existing debt is concerned, it cannot be revoked, as once an offer is accepted it becomes final. However, a continuing guarantee can be revoked for future transactions. In that case, the surety shall be liable for those transactions which have already taken place.After making a payment and discharging the liability of the principal debtor, the surety gets various rights. These rights can be studied under three heads:Rights against the principal debtors: In every contract of guarantee, there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee. This is because the surety has suffered a loss due to the non-fulfilment of promise by the principal debtor and therefore the surety has a right to be compensated by the debtorOn the default of payment by the principal debtor, when the surety pays off the debt of the principal debtor he becomes entitled to claim all the securities which were given by the principal debtor to the creditor. The surety has the right to all securities whether received before or after the creation of the guarantee and it is also immaterial whether the surety has knowledge of those securities or not.Q.Lal gave his house to Tanu on a lease for ten years on a specified lease rent. Quzi guaranteed that Tanu would fulfil his obligations. After seven years, Tanu stopped paying the lease rent. Lal sued him for the payment of rent. Quzi then gave a notice revoking his guarantee for the remaining three years.

View answer

The question is based on the reasoning and arguments, or facts and principles set out in the passage. Some of these principles may not be true in the real or legal sense, yet you must conclusively assume that they are true for the purpose. Please answer the question on the basis of what is stated or implied in the passage. Do not rely on any principle of law other than the ones supplied to you, and do not assume any facts other than those supplied to you when answering the question. Please choose the option that most accurately and comprehensively answers the question.Sec. 126 of the Indian Contract Act 1872, which deals with the contract of guarantee, has defined it as a contract to perform the promise, or discharge the liability of a third person in case of his defaults. Contracts of guarantees may be classified into two types: specific guarantee and continuing guarantee. When a guarantee is given in respect of a single debt or specific transaction and is to come to an end when the guaranteed debt is paid or the promise is duly performed, it is called a specific or simple guarantee. However, a guarantee which extends to a series of transactions is called a continuing guarantee. The suretys liability, in this case, would continue till all the transactions are completed or till the guarantor revokes the guarantee as to the future transactions.A continuing guarantee is defined under Section 129 of the Indian Contract Act, 1872. A continuing guarantee is a type of guarantee which applies to a series of transactions. It applies to all the transactions entered into by the principal debtor until it is revoked by the surety. Therefore, bankers always prefer to have a continuing guarantee so that the guarantors liability is not limited to the original advances and would also extend to all subsequent debts.The most important feature of a continuing guarantee is that it applies to a series of separable, distinct transactions. Therefore, when a guarantee is given for an entire consideration, it cannot be termed as a continuing guarantee.So far as a guarantee given for an existing debt is concerned, it cannot be revoked, as once an offer is accepted it becomes final. However, a continuing guarantee can be revoked for future transactions. In that case, the surety shall be liable for those transactions which have already taken place.After making a payment and discharging the liability of the principal debtor, the surety gets various rights. These rights can be studied under three heads:Rights against the principal debtors: In every contract of guarantee, there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee. This is because the surety has suffered a loss due to the non-fulfilment of promise by the principal debtor and therefore the surety has a right to be compensated by the debtorOn the default of payment by the principal debtor, when the surety pays off the debt of the principal debtor he becomes entitled to claim all the securities which were given by the principal debtor to the creditor. The surety has the right to all securities whether received before or after the creation of the guarantee and it is also immaterial whether the surety has knowledge of those securities or not.Q.On the guarantee of Ashi, Jiya lent Rs. 50,000 to Sita. This debt is also secured by security for the debt which is the lease of Sitas house. Sita defaults in paying the debt and Ashi has to pay the debt. Is Ashi entitled to receive anything?

View answer

Top Courses for CLATView all

Legal Reasoning for CLAT

Lucent for GK

Current Affairs: Daily, Weekly & Monthly

CLAT Mock Test Series 2025

Crash Course for CLAT

Top Courses for CLAT

View all

Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer?

Share with a Friend

Answer this doubt

Question Description
Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer? for CLAT 2025 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CLAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer?.

Solutions for Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. 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 questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Direction: Read the following passage carefully and answer the questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. 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 questions given below:India’s Goods and Services Tax (GST) revenues in January 2023 touched nearly 1.56 lakh crore by Tuesday evening, marking the second-highest monthly collections recorded since the launch of the indirect tax regime. January’s GST kitty, which is likely to be revised upwards, is 10.6% higher than a year ago and 4.3% over December’s collections, marking the 11th month in a row that revenues were over 1.4 lakh crore. The highest revenues so far under the GST system were recorded in April 2022, when tax inflows were 1,67,540 crore.For the first ten months of 2022-23, GST revenues are now 24% higher than a year ago, with goods imports yielding 29% more GST revenue and domestic transactions (including import of services) rising 22%.The Government has settled 38,507 crore to Central GST (CGST) and 32,624 crore to State GST (SGST) from the Integrated GST as regular settlement. The total revenue of Centre and the States in the month of January 2023 after regular settlement is 67,470 crore for CGST and 69,354 crore for the SGST,” the Ministry said.[Extracted, with edits and revisions, from: “1.56-lakh-crore GST mop-up in January second highest so far”, by Vikas Dhoot, The Hindu]Q.What is the primary purpose of Integrated Goods and Services Tax (IGST) in Indias taxation system?a)To tax all intrastate transactions uniformlyb)To facilitate international tradec)To ensure fair distribution of tax revenue between states in interstate transactionsd)To levy taxes exclusively on central government transactionsCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice CLAT tests.

Explore Courses for CLAT exam