- Goods and Services Tax (GST) is levied at the point of consumption. This means the tax accrues to the consuming state rather than the producing state. - It is a tax on the consumption of goods and services. It is applied to the value addition at each stage of the supply chain, but the burden is ultimately borne by the final consumer.
GST is a/an
Asked in UPSC CAPF 2022 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
More Economic Development questions
- Consider the following statements : 1. Burden of a tax on a commodity is independent of who (buyer or seller) it is explicitly imposed upon 2. Burden of a tax on a commodity depends on the slope of the demand and supply curves
- The sales tax you pay while purchasing a toothpaste is a
- The term 'Base Erosion and Profit Shifting' is sometimes seen in the news in the context of
- What is/are the most likely advantages of implementing 'Goods and Services Tax (GST)'? 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the 'Current Account Deficit' of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below:
- Consider the following items : 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish processed and canned 4. Newspapers containing advertising material Which of the above items is/are exempted under GST (Goods and Services Tax) ?
- Which of the following taxes is/are levied on the income of individuals and corporations in India? 1. Goods and Services Tax 2. Corporate Tax 3. Income Tax 4. Wealth Tax Select the correct answer using the code given below.
- What is the General Anti-Avoidance Rule (GAAR) ?
- Which of the following statements is/are correct ? Tax expenditure is the revenue foregone by the Government due to 1. exemptions under corporation tax. 2. deductions allowed on account of accelerated depreciations. 3. deductions on export profits earned by the SEZ units. Select the correct answer using the code given below :