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      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.

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