Question
Consider the following statements regarding Goods and Services Tax?
Select the correct answer using the code given below:
- It will lead to the harmonization of taxes
- Supplies to exports are zero-rated
Select the correct answer using the code given below:
Answer: Option B
Answer: (b)
GST has led to a reduction in the number of taxes and now the same tax rate is applicable across all the countries on all goods and services. This is called the harmonization of taxes.
On exports, Govt credits back the GST paid to suppliers and hence effectively there is no GST on exports which is also called zero-rated.
Was this answer helpful ?
Answer: (b)
GST has led to a reduction in the number of taxes and now the same tax rate is applicable across all the countries on all goods and services. This is called the harmonization of taxes.
On exports, Govt credits back the GST paid to suppliers and hence effectively there is no GST on exports which is also called zero-rated.
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution