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Which of the following statements are about GST? (a) GST is to be collected at the point of sale. (b) GST abolishes all direct taxes levied in India (c) Implementations of GST was started on 1st July 2017. Choose the correct answer:

Which of the following statements are about GST? (a) GST is to be collected at the point of sale. (b) GST abolishes all direct taxes levied in India (c) Implementations of GST was started on 1st July 2017. Choose the correct answer: Correct Answer (a) and (c) only 

The correct answer is (a) and (c) only.

  • GST (Goods and Service Tax) is an indirect tax levied on the sale of goods and services.
  • This will lead to the same type of indirect tax across India, and various indirect taxes such as central excise, service tax, VAT, entertainment, lottery tax etc. will be absorbed in GST.
  • The GST was launched at midnight on 1 July 2017 by the President of India. 
  • The GST is divided into five different tax slabs  - 0%, 5%, 12%, 18% and 28%.
  • The GST is a unified tax that will levy both goods and services. This is the 122nd amendment to the Constitution.
  • GST is divided into four parts-
  1. I. G. S. T. - Integrated Goods and Services Tax
  2. C. G. S. T. - Central Goods and Services Tax
  3. S. G. S. T. - State Goods and Services Tax
  4. U. T. G. S. T. - Union Goods and Services Tax

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