Question
Download Solution PDFThe Goods and Services Tax, Act commenced from ______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is 1 July 2017.
Key Points
- GST stands for Goods and Services Tax.
- GST was passed as the 101st amendment act.
- It came into force on 1st July 2017.
- GST is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India.
- It will replace existing multiple taxes levied by the central and state governments.
- The concept of GST was first introduced in the Parliament by P. Chidambaram in 2005.
- France is the first country to introduce GST.
- The different tax slabs under the GST are 0%, 5%, 12%, 18%, and 28%.
- "One nation, one tax, and one market" is the motto of the GST.
Last updated on Jun 6, 2025
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