43. Consider the following statements with references to GST
1.GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.
2. GST is applicable on manufacture of goods or services as against the earlier concept of supply of goods or on sale of goods or on provisioning of services.
3. Integrated GST (IGST) would be levied on inter-state supply of goods or services and proceeds will be apportioned between the Union and the States.
Which of the above statement(s) is/are correct?
43. Consider the following statements with references to GST
1.GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.
2. GST is applicable on manufacture of goods or services as against the earlier concept of supply of goods or on sale of goods or on provisioning of services.
3. Integrated GST (IGST) would be levied on inter-state supply of goods or services and proceeds will be apportioned between the Union and the States.
Which of the above statement(s) is/are correct?
The correct option is C Only 1 and 3
GST came into effect by the 122nd constitutional amendment act.
1. GST is applicable on supply of goods or services as against the earlier concept on the manufacture of goods or on sale of goods or on provision of services.
2. GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.
3. There are three part of GST
Central GST (CGST) to be levied by the Centre;
State GST (SGST) to be levied by the States;
Integrated GST (IGST) would be levied an inter-state supply (including stock transfers) of goods or services. This shall be levied and collected by the Government of India.
4.Such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by Law on the recommendation of the GST Council.
5. GST would be levied at four rates viz. 5%, 12%, 16% and 28%. The schedule or list of items that would fall under each of these slabs shall be decided by GST council.
GST came into effect by the 122nd constitutional amendment act.
1. GST is applicable on supply of goods or services as against the earlier concept on the manufacture of goods or on sale of goods or on provision of services.
2. GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.
3. There are three part of GST
Central GST (CGST) to be levied by the Centre;
State GST (SGST) to be levied by the States;
Integrated GST (IGST) would be levied an inter-state supply (including stock transfers) of goods or services. This shall be levied and collected by the Government of India.
4.Such tax shall be apportioned between the Union and the States in the manner as may be provided by Parliament by Law on the recommendation of the GST Council.
5. GST would be levied at four rates viz. 5%, 12%, 16% and 28%. The schedule or list of items that would fall under each of these slabs shall be decided by GST council.
