New Enroll in RBI Grade B New Batch - Starts on May 21

    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.
    A I only Correct Answer Incorrect Answer
    B II only Correct Answer Incorrect Answer
    C Both are correct Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer

    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.

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