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  • Question
  • Which one of the following statements is correct in relation to the GST Bill passed by the Rajya Sabha in August 2016?


  • Options
  • A. It will replace all central taxes, duties, etc, only by a single tax.
  • B. It will subsume central as well as State taxes, duties, etc.
  • C. GST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.
  • D. Petroleum and petroleum products shall not be subject to the levy of GST.

  • Correct Answer
  • It will subsume central as well as State taxes, duties, etc. 

    Explanation

    Goods and Services Tax (GST)  will replace  all  central  as well as  state taxes  by  a  single  tax.  GST  will subsume  various  Central  indirect taxes,  including  the  Central  excise duty,Countervailing  duty,  Service tax,  etc.  It  also  subsumes  State Value Added Tax(VAT), Octroi and entry    tax,    Luxury    tax,    etc. Petroleum  products  like  kerosene, naphtha  and  LPG  will  be  under GST,  while  five  items,  including crude oil, natural gas, aviation fuel, diesel    and    petrol    have    been excluded.    Alcohol    for    human consumption will be out of GS

  • Tags: Bank Exams

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    • Options
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    • Options
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    • C. Adrenocorticotropic
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    • 3. Jesse Owens Global award is given in the field of

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    • Options
    • A. Grammarian
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    • C. Linguist
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    • Options
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    • Options
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    • Options
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    • Options
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    • Options
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