Question
Consider the following statements about Goods
and Services Tax (GST) 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.Solution
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.
Recently which public sector insurance company has increased its stake in Hero MotoCorp Ltd from 9.163 per cent to 11.256 per cent?
Repatriation/disinvestment by foreign companies surged to what level in June 2025?
World Arthritis Day is observed annually on which date?
GoKwik and which credit card bill payment platform has partnered to extend the latter’s payment options to brands on the GoKwik platform & to enhanc...
How much has the Government of India invested in the fisheries sector since 2015, as mentioned during National Fish Farmers Day 2025?
The Indian government aims to extend how much additional credit via guarantees to micro and small enterprises under the CGTMSE scheme over the next two ...
How many snow leopards were recorded in India’s first Snow Leopard Census?
When was the 'Nest' rating and certification initiative launched by the Indian Green Building Council (IGBC)?
An 11-year-old girl Leena Rafeeq introduced her creation titled ‘Ogler EyeScan’ and became a Youngest AI App Developer.She is from?
Who is the recipient of the EY Entrepreneur of the year award for 2021?
Relevant for Exams:
