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Which of the following statement(s) is/are NOT correct 1. The concept of Goods and Services Tax (GST) is originated in India. 2. GST abolished all the direct tax levied in India. 3. Shaktikanta Das is the head of the GST council.

Which of the following statement(s) is/are NOT correct 1. The concept of Goods and Services Tax (GST) is originated in India. 2. GST abolished all the direct tax levied in India. 3. Shaktikanta Das is the head of the GST council. Correct Answer 1, 2 and 3

The correct answer is 1, 2 and 3.

  • The concept of Goods and Services Tax (GST) is originated in France.
  • France was the first country to implement the GST in 1954, and since then an estimated 160 countries have adopted this tax system in some form or another. 
  • Goods and Services Tax is an indirect tax imposed on the supply of goods and services.
  •  It replaced all indirect taxes levied on goods and services by states and Central.
  • Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. 
  • The concept was first proposed under the Atal Bihari Vajpayee government in 2000.
  • The GST council is headed by the Union Finance Minister Nirmala Sitharaman assisted with the finance minister of all the states of India.

Related Questions

Goods and Services Tax (GST) was introduced as a part of indirect tax reforms in India. Which of the following are the salient features of the GST? 1. GST is applicable on the manufacture of goods or on sale of goods or on the provision of services. 2. GST is applicable to the supply of goods or services. 3. GST is based on the principle of destination-based consumption taxation. 4. GST is levied at rates decided by GST Council. Select the correct answer using the code given below:
In the following question, sentences of a paragraph have been jumbled and labeled as A, B, C, and D. You are required to rearrange the jumbled sentences in the right order to form a meaningful and coherent paragraph and mark your response accordingly by selecting the correct option. A. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. B. The concept of GST is that it is an “Indirect Tax”, ie, this tax is not directly paid by customers to the government, but is rather levied on the manufacturer or seller goods and the providers of services. C. GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. D. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer.
The following sentences form a paragraph. They are numbered a P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in a correct order. P. Also, the customers will have funds to spend because of lower tax rates.  Q. The Goods and Services Tax (GST) is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. R. It will substitute most other indirect taxes and synchronize the differential tax rates on mass-produced goods and services. S. The government of India claims that GST will enhance Indian GDP by 2%.
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?
In the following question, two statements are given each followed by two conclusions I and II. You have to consider the statements to be true even ifthey seem to be at variance from commonly known facts. You have to decide which of the given conclusions, if any, follows from the given statements. Statement: (I) In the GST Model in India, it would be dual tax (GST) with the center and states simultaneously levying tax on a common base tax.
(II) The central and state GST would be levied on every transaction of supply of goods and services simultaneously. Conclusions:
(I) This new tax regime would benefit common man of country.
(II) There would be more clarity on state and central component.
In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market
The critical reasoning question is based on a short argument, a set of statements, or a plan of action. For each question, select the best answer of the choices given. The GST is  a Value added Tax which is proposed to be a comprehensive indirect tax levy on manufacture,sale and consumption of goods as well as services at the national level. It replaces all the indirect taxes levied on goods and services by the Indian Central and State governments. It has both advantages and as well as disadvantages. Given below are few options, select the one which is not an advantage of the GST.
Consider the following statements : A. Corporation tax is levied on the income of both registered, unregistered companies and corporations. B. Corporation tax is levied on incomes of individuals and Hindu Undivided Family. C. Corporation tax is levied only on the incomes of registered companies and corporations. Which of the above statements is/are true? Choose the correct answer from the options given below :
Match List - I with List - II : List - I List - II A. Stamp duties and duties on medical I. Duties levied by the Union Government but collected and appropriated by the State B. Duties on succession to property other than agricultural land II. Taxes levied and collected by the Union but assigned to the States C. Taxes on income other than corporation tax and taxes on agricultural income III. Taxes levied and collected by the Union and distributed between the Union and the States D. Excise duty on items other than medical and toilet preparation IV. Taxes levied and collected by the Union but which may be distributed between the Union and the States Choose the correct answer from the options given below :
Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.