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The Goods and Services Tax (GST), a major tax reform, was introduced in the Union Budget of which year?
- a)2015-16
- b)2016-17
- c)2017-18
- d)2018-19
Correct answer is option 'C'. Can you explain this answer?
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The Goods and Services Tax (GST), a major tax reform, was introduced i...
Introduction
The Goods and Services Tax (GST) is a major tax reform introduced in India to simplify the indirect taxation system. It was implemented to replace various indirect taxes levied by the central and state governments.
Year of Introduction
- A: 2015-16
- B: 2016-17
- C: 2017-18
- D: 2018-19
Answer and Explanation
The correct answer is C: 2017-18.
- The GST was officially launched on July 1, 2017, by the Government of India.
- It is a comprehensive indirect tax on the supply of goods and services throughout India.
- GST subsumed various central and state taxes such as excise duty, service tax, VAT, and others.
- The introduction of GST aimed to create a single, unified tax structure for the entire country, promoting ease of doing business and reducing tax evasion.
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The Goods and Services Tax (GST), a major tax reform, was introduced in the Union Budget of which year?a)2015-16b)2016-17c)2017-18d)2018-19Correct answer is option 'C'. Can you explain this answer?
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