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Questions and Answers
What is the Goods and Services Tax in India a successor to?
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?
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?
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?
What type of tax is the Goods and Services Tax?
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Why is the Goods and Services Tax considered a multistage tax?
Why is the Goods and Services Tax considered a multistage tax?
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