Question
Consider the following statements in regard to the Goods and Service Tax:
Which of the above statements is/are correct?
- The GST shall have two components: one levied by the centre, and the other levied by the states.
- The central GST and state GST are to be paid to the joint accounts of the centre and the states.
- While the imports would be zero-rated, the exports would be subjected to the GST.
Which of the above statements is/are correct?
Answer: Option B
Answer: (b)
The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments.
India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively.
Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
Was this answer helpful ?
Answer: (b)
The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments.
India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively.
Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution