Which of the following statement is correct about GST?
(i) GST is the ‘one point tax’.
(ii) This aims to replace all direct taxes levied on goods and services by the Central and State governments.
(iii) It will be implemented from 1 July 2017 through out the country.
(iv) It will unified the tax structure in India.

Q. Consider the following statements with respect to Goods and Service Tax(GST) in India :

1. GST is a single tax levied on all the goods uniformly.
2. Maximum tax rate in GST is fixed at 14%.


Which of the above statement/s is/are correct ?

Q. Goods and Services Tax (GST) is an indirect tax introduced in India in 2017 that is imposed on the supply of goods and services, and it subsumes all indirect taxes except few. It is a destination-based tax imposed on goods and services used, and it is not imposed at the point of origin from where goods come. GST also has a few components specific to state governments, central government and Union Territories (UTs).
Which one of the following statements can be inferred from the given passage?

Q. Consider the following statements with respect to Goods and Service Tax(GST) in India :

1. While VAT was a destination based tax , GST is an origin based taxation.
2. GST implementation aimed at removing cascading effects of taxation.


Which of the above statement/s is/are correct ?

Q. Consider the following statements with respect to Goods and Service Tax(GST) in India :

1. India follows a dual GST model with the Centre and the States simultaneously levying it on a common base.
2. Interstate GST is levied and collected by respective trading states.

Which of the above statement/s is/are correct ?

Q. Giving reasons, classify the following as direct and indirect taxes:
(i) IncomeTax
(ii) Goods and Services Tax
(iii) Corporate Tax
(iv) Capital GainsTax