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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. - Economics

MCQ
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.

Options

  • Agree

  • Disagree

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Solution

I agree with the above statement.

Reason:

  1. Indirect tax is levied on goods or services.
  2. t is paid at the time of production or sale and purchase of commodity/service.
  3. Before GST was introduced, there were various indirect taxes like service tax, value-added tax (VAT), excise, etc.
  4. GST is a comprehensive tax introduced with the objective of unifying all indirect taxes levied at different stages of production.
  5. Hence, GST has replaced almost all indirect taxes in India.
Concept: Structure of Public Finance - Public Revenue
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 8 Public Finance in India
Exercise | Q 3. (3) | Page 80
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