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What is the name of the all-India tax passed by the parliament in 2017?

What is the name of the all-India tax passed by the parliament in 2017? Correct Answer GST

The correct answer is GST.

Key Points

  • Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services.
  • It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
  • Multi-staged as it is, the GST is imposed at every step in the production process.

Additional Information

  • The Constitutional Amendment Act of GST is 101st.
  • The GST introduction constitutional amendment bill was 122th.
  • GST was introduced by Arun Jaitley.
  • It was commenced on 1 July 2017.

Related Questions

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.
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