Revenue collected under IGST is divided between Central and State Governments as per the rates quoted by the party collecting taxes.

True

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False

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Solution

The correct option is B False
Under GST, IGST is a tax levied on all Inter-State supplies of goods and/or services and will be governed by the IGST Act. IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India.
Note:
Under IGST,
Exports would be zero-rated.
Tax will go to the Central government.
Hence, the above statement is false.

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Similar questions

List I	List II
A. Income Tax	1. Levied and collected by the Central Government
B. Corporation	2. Levied and collected by the Central Government and shared by the State Government
C. Professional Tax	3. Levied by the Tax Central Government but collected and appropriated by the State Government
D. Stamp Duties	4. Levied, collected and retained by the State Government.

Q41.Consider the following statements:

1. Phillips Curve is representation of the relationship between tax rates and tax revenue collected by governments.

2. Laffer curve is a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy

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

IGST is the tax imposed by Central Government on inter state trading.

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