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Question

Q. Consider the following statements in reference to Goods and Service Tax (GST)?

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 A 1 only

Explanation:

Statement 1 is correct. GST will result in better tax compliance due to a robust IT infrastructure. Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders.

Statement 2 is incorrect. Cess (education, Krishi Kalyan, Swachh Bharat) and surcharges charged by the centre are currently not part of GST.


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