Question

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

1. GST is a single tax levied on all the goods uniformly.
2. Maximum tax rate in GST is fixed at 14%.


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

Answer 1

<!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> Goods and Service tax is a destination based tax on Goods and Services which is levied at different rates/slabs depending on various socio economic considerations.

The rates are 0%,5% ,12%,18% and 28% plus sin tax on demerit goods.Around 81% of all goods and services fall
below or in the 18% tax slab.