Question

    Concerning the GST Council's regularization of taxation

    issues, consider the following statements: 1. The GST Council is deciding on whether packets of cereals, pulses, and flour over 25 kg should attract 5% GST. 2. The council might exclude agricultural produce in packages over 25 kg from the labeled commodity category. 3. Tobacco products currently attract the highest GST rate of 40%. Which of the above statements is/are correct?
    A 1 only Correct Answer Incorrect Answer
    B 1 and 2 only Correct Answer Incorrect Answer
    C 2 and 3 only Correct Answer Incorrect Answer
    D 1 and 3 only Correct Answer Incorrect Answer
    E 1, 2, and 3 Correct Answer Incorrect Answer

    Solution

    Explanation: Statements 1 and 2 are correct regarding the GST Council's considerations. Statement 3 is incorrect as tobacco products attract the highest GST rate of 28% with additional cess, not 40%.

    Practice Next
    More Financial Management Questions

    Relevant for Exams:

    ask-question