Which of the following type of tax is submitted in Indian GST?

Question

Question

This question was previously asked in

UP Police Constable Re-Exam 2024 Official Paper (Held On: 23 Aug, 2024 Shift 2)

Answer 1

The correct answer is Service Tax

Key Points

Service Tax is one of the types of tax submitted under the Indian GST framework.
GST (Goods and Services Tax) is a comprehensive tax levied on the supply of goods and services in India.
It has subsumed various indirect taxes including service tax, central excise duty, and state VAT.
The introduction of GST aims to create a single, unified Indian market to make the economy stronger and more efficient.
Under GST, tax is levied at every point of sale, which makes the tax structure more transparent and reduces the cascading effect of taxes.

Additional Information

The Goods and Services Tax was implemented in India on 1st July 2017.
It is governed by a multi-tier structure with rates categorized into 0%, 5%, 12%, 18%, and 28%.
GST is administered by the GST Council, which consists of the Union Finance Minister and Finance Ministers of all the states.
The primary objective of GST is to eliminate the double taxation effect and to ensure a seamless flow of input tax credit.
GST is a destination-based tax, meaning the tax is collected by the state where the goods or services are consumed.
The implementation of GST has significantly simplified the tax structure and compliance procedures.