Question
Consider the following statements: 1. The
Constitution has empowered the only Union government to levy a tax on interstate supply of goods and services. 2. President is empowered to make provision for distribution of the revenue collection between centre and state on interstate supply of goods and services. 3. 101st Amendment Act of 2016 has conferred exclusive power upon Parliament to make laws for goods and services tax imposed by Union or state. Which of the statements given above is/are correct?Solution
Article 246 of the Constitution divided the powers of the Union and the State into 3 lists, i.e. (i) Union List- on which the Centre has the exclusive jurisdiction to make laws (ii) State list-on which states have exclusive jurisdiction to make laws and (iii) Concurrent List – on which both centre and state can make laws and as stated above, the central law prevails over the state in cases of conflict. ● Statement 1 is correct: According to Article 246A, Parliament has exclusive power to make laws with respect to goods and services tax where the supply of goods, or services, or both takes place in the course of inter-State trade or commerce. ● Statement 2 is incorrect: According to Article 269A, Goods and services tax on supplies in the case of inter-State trade shall be levied and collected by the central government and such tax shall be distributed between the Union and the States in the manner as may be provided by Parliament by law on the recommendations of the Goods and Services Tax Council. ● Statement 3 is incorrect: The 101st Amendment Act has conferred power to Parliament and State Legislatures to make laws for goods and services tax imposed by union or state.
Regarding the IREDA's new subsidiary in GIFT City, consider the following statements:
A) The subsidiary was incorporated after approval from the ...
Consider the following statement about new accounting mechanisms in the Public Finance Management System (PFMS).
I. Treasury Single Account (TS...
Dr. Usha Thakur was awarded the 12th Vishwa Hindi Samman for her contributions to Hindi literature. Where was this award presented?
Where was the 31st Singapore India Maritime Bilateral Exercise (SIMBEX) 2024 being held?
Who has been elected as the new Prime Minister of Finland?
Which firm has become India’s first artificial intelligence (AI) unicorn, and how much funding did it secure in its recent funding round?
A Multi Asset Allocation Fund is set to be launched that will bet on a mix of asset classes like domestic equities, international stocks, debt instrumen...
which institute recently transformed into the 21st Indian Institute of Management (IIM) as per the Indian Institutes of Management (Amendment) Bill 2023?
What is the theme of the 12th Global Space Exploration Conference (GLEX 2025)?
_____ became the winner of the Indian Pharma Leader of the year award?