Q. Arrange the following taxes introduced in India in chronological order:
1.State VAT
2.CENVAT
3.GST
Select the correct answer from below given codes:
Answer: B
Notes:
Explanation: In the year 1996, the central government started collecting its excise duty on the VAT method and the tax was given a new name—the CENVAT.
- A total number of 20 states/UTs switched over to VAT (from their existing sales tax) in April 2005. Rest of the states went for it by 2008–09.
- The Constitution (101st Amendment) Bill, 2016 was cleared by the Parliament by early August 2016 —paving the way for its implementation. By late September 2016, the GST Council (GSTC) was created by the Government.
Source: Ramesh Singh
