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BRICS, India and Brazil Trade and Investments & Taxes

Consider the ...

Question

Consider the following statements:
1. GST is a destination based tax.
2. With introduction of GST, states with manufacturing base tend to lose revenue.
Which of the statements given above is/are correct?

A

1 only

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B

2 only

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C

Both 1 and 2

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D

Neither 1 nor 2

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Solution

The correct option is C Both 1 and 2
GST is a destination based tax which is applicable on the final consumption. Since it is a consumption based tax applied on the destination so the states with manufacturing base tend to lose revenue.

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