Question

Consider the following statements with respect to Goods and Service Tax(GST) in India:

1. All the goods and services are now covered under GST regime.
2. GST rates are decided by Union Ministry of Finance only.


Which of the above statement/s is/are correct ?

• A. 1 only
• B. Both 1 and 2
• C. None of the above
• D. 2 only

Answer 1

The correct option is C None of the above

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> All goods and services, except alcoholic liquor for human consumption, are under the purview of GST. Crude Petroleum and some petroleum products have also been Constitutionally brought under GST. However, it is provided that petroleum and petroleum products shall not be subject to the levy of GST till notified at a future date on the recommendation of the GST Council.

GST council recommends to the union and the states on rates of tax,cesses,surcharges, exemption,inclusion,models GST laws etc.