Consider the following statements: 1. The Parliament has exclusive powers to make laws with respect to any of the matters enumerated in the Union List. 2. The power to make laws with respect to residuary subjects is vested in the state legislature 3. The Parliament and the state legislature both have power to make laws with respect to goods and services tax imposed by the Union or by the State. How many of the above statements is/are correct? |ForumIAS

[A] One only

[B] Two only

[C] Three only

[D] None

Answer: B

Notes:

Explanation:

Parliament holds exclusive authority to legislate on matters listed in the Union List, which currently comprises 98 subjects (originally 97).
- These subjects include areas such as defence, foreign affairs, currency, banking, atomic energy, insurance, communication, inter-state trade and commerce, census, audit, and others.
The authority to legislate on residuary subjects, that is, matters not listed in any of the three lists rests with the Parliament. This residuary legislative power also encompasses the authority to impose residuary taxes.
The 101st Amendment Act of 2016 introduced a special provision regarding the Goods and Services Tax (GST). As per this amendment, both the Parliament and the State Legislatures are empowered to enact laws related to GST levied by the Union or the States.

Source: Laxmikant

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