Goods and Services Tax in India
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Questions and Answers

What is the Goods and Services Tax in India a successor to?

  • Property Tax
  • Excise Duty
  • Income Tax
  • Sales Tax (correct)

How does the Goods and Services Tax differ from the previous tax system in India?

  • It is a multistage tax
  • It has increased taxation slabs
  • It subsumed all state taxes (correct)
  • It is not destination-based

Why is the Goods and Services Tax described as a comprehensive tax?

  • It includes almost all previous indirect taxes (correct)
  • It is only implemented at the manufacturing stage
  • It has different tax rates for different states
  • It only applies to goods, not services

What type of tax is the Goods and Services Tax?

<p>Destination-based tax (A)</p> Signup and view all the answers

Why is the Goods and Services Tax considered a multistage tax?

<p>It is levied multiple times along the supply chain (D)</p> Signup and view all the answers

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