Question : Goods and services tax (GST) became operational from ___.
Option 1: 1 July 2017
Option 2: 1 May 2016
Option 3: 1 April 2016
Option 4: 1 April 2017
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Correct Answer: 1 July 2017
Solution : The correct answer is July 1 2017.
The Goods and Services Tax (GST) became operational in India on July 1, 2017. GST is a comprehensive indirect tax that replaced various indirect taxes at the central and state levels, creating a unified and simplified taxation system for the entire country.
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Question : Which of the following is an indirect tax?
Option 1: Capital gains tax
Option 2: Goods and services tax
Option 3: Wealth tax
Option 4: Gift tax
Question : Which of the following is not an indirect tax?
Option 1: Excise tax
Option 3: Customs duty
Option 4: Wealth tax
Question : The 73rd Amendment deals with which of the following?
Option 1: The Goods and Services Tax (GST)
Option 2: Urban local government bodies
Option 3: Panchayati Raj System
Option 4: Anti-defection
Question : Buildings, machinery, tools, and equipment are a few examples of the capital goods that firms employ to produce their goods and services.
Option 1: Consumer goods
Option 2: Inferior goods
Option 3: Intermediate goods
Option 4: Capital goods
Question : The GST (goods and service tax) passed by the government will be levied on which of the following products?
Option 1: Petroleum and crude oil
Option 2: Tobacco
Option 3: Natural gas
Option 4: Aviation turbine fuel
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