True or False
State with reason whether you agree or disagree with the following statement:
The goods and services tax (GST) has replaced almost all indirect taxes in India.
I agree with the above statement.
- Indirect tax is levied on goods or services.
- t is paid at the time of production or sale and purchase of commodity/service.
- Before GST was introduced, there were various indirect taxes like service tax, value-added tax (VAT), excise, etc.
- GST is a comprehensive tax introduced with the objective of unifying all indirect taxes levied at different stages of production.
- Hence, GST has replaced almost all indirect taxes in India.
Concept: Structure of Public Finance - Public Revenue
Is there an error in this question or solution?