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Taxes and Their Effects

Under the des...

Question

Under the destination based Goods and Services Tax, tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.

A

True

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B

False

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Solution

The correct option is A True
In GST, the area where goods and services are consumed is also known as the place of Supply.

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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. GST is a destination based tax on consumption of ______________.

Q. 43. Consider the following statements with references to GST
1.GST is based on the principle of destination-based consumption taxation as against the present principle of origin-based taxation.
2. GST is applicable on manufacture of goods or services as against the earlier concept of supply of goods or on sale of goods or on provisioning of services.
3. Integrated GST (IGST) would be levied on inter-state supply of goods or services and proceeds will be apportioned between the Union and the States.
Which of the above statement(s) is/are correct?

Q. is a single tax on the supply of goods and services.

Q. Q. With reference to Goods and Service tax (GST), consider the following statements:Which of the above given is/are correct?

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

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