Answer-Consider the following statements about Goods and Services Tax (GST) is/are correct? GST Council i...

Goods and Services Tax GST is a successor to VAT used in India on the supply of goods and services. GST is a digitalized form of VAT where you can also track goods services. Goods and services are divided into five different tax slabs for the collection of tax 0, 5, 12, 18 and 28. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.

Question

Consider the following statements about Goods and Services Tax (GS

T is/are correct? GST Council is the governing body of GST having 33 members, out of which 2 members are of centre and 31 members are from 28 states and 3 Union territories with legislation. The Kelkar committee recommended the rolling out of GST.

A I only

B II only

C Both are correct

D None of the above

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