Question : Which among the following regarding GST is correct?
Option 1: GST network was formed under the Companies Act
Option 2: The 100th Amendment introduced GST in the country.
Option 3: The centre holds a 100 per cent stake in the GST network.
Option 4: GST Council is a statutory body
Correct Answer: GST network was formed under the Companies Act
Solution : The correct answer is GST network was formed under the Companies Act.
The GST network was formed under the Companies Act, and it was formed to abolish all the indirect taxes levied in India. GST (Goods and Service Tax) is an indirect tax which is imposed on the sales of goods and services. It will absorb most of the indirect taxes and lead to the same type of indirect tax across India.
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