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BRICS, India and Brazil Trade and Investments & Taxes

Q. Which of t...

Question

Q. Which of the following statements is/are correct with respect to taxes on petrol and diesel in India?

Select the correct code from the options given below:

A

1 only

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B

2 only

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C

Both 1 and 2

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D

None of the above

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Solution

The correct option is B 2 only
Explanation:

Statement 1 is incorrect. GST is not applicable on petrol and diesel.

Statement 2 is correct. The central government collects more taxes than all states combined from taxing petrol and diesel.

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Q. Goods and Services Tax (GST) is an indirect tax introduced in India in 2017 that is imposed on the supply of goods and services, and it subsumes all indirect taxes except few. It is a destination-based tax imposed on goods and services used, and it is not imposed at the point of origin from where goods come. GST also has a few components specific to state governments, central government and Union Territories (UTs).
Which one of the following statements can be inferred from the given passage?

Q. Which of the following statement is correct about GST?
(i) GST is the ‘one point tax’.
(ii) This aims to replace all direct taxes levied on goods and services by the Central and State governments.
(iii) It will be implemented from 1 July 2017 through out the country.
(iv) It will unified the tax structure in India.

Q5) Taxes on the inter- state trade of goods and services are

Q. Analyse the following statements and choose the correct option.

Assertion (A): Several indirect taxes were merged into one tax, the Goods and Services Tax.
Reasoning (R): There are various types of indirect taxes which makes it difficult to manage them and they increase the price of goods and services excessively.

Q. Consider the following statements with regards to Goods and Services Tax (GST):

Select the correct answer using the codes given below:

1 and 2 only
2 and 3 only
3 only
1, 2 and 3

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