Q. Consider the following statements:
1.GST was introduced from 1st January 2018.
2.GST is imposed on the supply of goods and services, from the manufacturer to the consumer.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:

Explanation: Goods and Services Tax (GST) is a comprehensive indirect tax system introduced on July 1, 2017.

  • It replaced multiple indirect taxes levied by the central and state governments, such as excise duty, service tax, value-added tax (VAT), and others.
  • GST is a consumption-based tax levied on the supply of goods and services across the country.
  • GST is one indirect tax for the whole nation, which will make India one unified common market.
  • It is imposed on the supply of goods and services, right from the manufacturer to the consumer.

Source: FORUMIAS

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