Question
Consider the following statements about the Goods and Services Tax (GST) in India: 1. It was implemented on 1 July 2017. 2. It subsumed excise duty, service tax and VAT. Which of the statements given above is/are correct?
Option 3 : Both 1 and 2
Detailed Solution
सही उत्तर Both 1 and 2 है।
GST was implemented on 1 July 2017 and it subsumed central excise duty, service tax and state VAT into one indirect tax.
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prepsnap.in • GeneralQuestion:
Consider the following statements about the Goods and Services Tax (GST) in India: 1. It was implemented on 1 July 2017. 2. It subsumed excise duty, service tax and VAT. Which of the statements given above is/are correct?
Correct Answer: Both 1 and 2
GST was implemented on 1 July 2017 and it subsumed central excise duty, service tax and state VAT into one indirect tax.