Goods and service tax

1. 1.What is the main purpose of implementing Goods and Services Tax (GST) in India?

• • A) To increase the tax burden on businesses

• • B) To simplify the tax structure and eliminate the cascading effect of taxes

• • C) To replace direct taxes with indirect taxes

• • D) To increase the government's control over the economy

2.Which of the following taxes is subsumed under GST in India?

• • A) Income Tax

• • B) Wealth Tax

• • C) Service Tax

• • D) Property Tax

3.Which of the following is not a component of GST in India?

• • A) Central Goods and Services Tax (CGST)

• • B) State Goods and Services Tax (SGST)

• • C) Integrated Goods and Services Tax (IGST)

• • D) Local Goods and Services Tax (LGST)

Which body is responsible for administering and governing GST in India?

• • A) Reserve Bank of India (RBI)

  • B) Securities and Exchange

• • Board of India (SEBI)

• • C) Goods and Services Tax Council (GST Council)

• • D) Ministry of Corporate Affairs (MCA)

Under the GST regime, what is the tax levied on the interstate supply of goods and services?

• • A) Central Goods and Services Tax (CGST)

• • B) State Goods and Services Tax (SGST)

• • C) Integrated Goods and Services Tax (IGST)

• • D) Local Goods and Services Tax (LGST)