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Question

Q. With reference to Goods and Service tax (GST), consider the following statements:

Which of the above given is/are correct?

A

1 only
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B

2 and 3 only
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C

3 only
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D

1, 2 and 3
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Solution

The correct option is D
1, 2 and 3
Explanation:

Statement 1 is correct:
GST was first recommended by the LK Jha Committee in 1976.The L K Jha Committee on Indirect Tax Reform in 1976, which recommended the transforming of Union excise duties into a modified value added tax (MODVAT) by converting specific rates into ad valorem, unifying the rates and providing input tax credit.

Statement 2 is correct: Under the new GST regime the state cannot impose Surcharges and cess since it is subsumed under the GST.

Statement 3 is correct: GST is a destination-based tax as against the previous concept of origin-based tax.i.e., the goods/services will be taxed at the place where they are consumed and not at the origin. So, the state where they are consumed will have the right to collect GST.

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