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      Question

      A set of three statements regarding Goods & Services

      Act (GST) are given below. Read each statement and answer whether each statement is true or false? Statement 1 : GST is expected to be applicable from 31 July 2017 Statement 2 : GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace taxes levied by the central and state governments. Statement 3 : The GST is governed by GST Council and its Chairman is Prime Minister of India
      A True, False, True Correct Answer Incorrect Answer
      B False, False, True Correct Answer Incorrect Answer
      C False, True, False Correct Answer Incorrect Answer
      D All are True Correct Answer Incorrect Answer
      E All are False Correct Answer Incorrect Answer

      Solution

      Goods and Services Tax (GST) is an upcoming system of taxation in India which will merge many individually applied taxes into a single tax. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following the passage of Constitution 101st Amendment Bill. The GST is governed by GST Council and its Chairman is Union Finance Minister of India - Arun Jaitley. GST is a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India to replace taxes levied by the central and state governments. GST is expected to be applicable from 1 July 2017.

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