GST (Goods and Service Tax) - MCQ Questions and Solutions with Explanations

Answer: Option C

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST is indirect tax provides revenue for the government. In India it is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Answer: Option C

The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017. It is an Indirect Tax which has replaced many Indirect Taxes in India.

Answer: Option C

India has chosen the Canadian model of dual GST. Only a handful of countries, such as India, Canada and Brazil, have a dual GST structure.