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

    Question

    Which statement is not correct with respect to the goods

    and services tax (GST)?
    A Integrated GST will be levied on inter-state goods and services transactions. Correct Answer Incorrect Answer
    B The concept of declared goods of special importance was abated Correct Answer Incorrect Answer
    C States will get compensation for five years for loss of revenue Correct Answer Incorrect Answer
    D GST will be collected by VAT method Correct Answer Incorrect Answer

    Solution

    • GST: • It is known as One Hundred and First Amendment Act, 2016. • GST was in effect in India from 1 July 2017. • It is an Indirect Tax which replaced many Indirect Taxes in India. • Salient features of GST:  GST will be collected by VAT method  States will get compensation for the loss of revenue for a period of five years arising on account of implementation of the Goods and Services Tax. Integrated GST (IGST) will be levied and administered by the centre on every inter- state supply of goods and services.

    Practice Next