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Which of the Following Constitutional Amendment Acts is Related to the Goods and Services Tax (Gst)? - Current Affairs Including General Knowledge

Question

MCQ

After two consecutive months of contraction in September and October, Goods and Services Tax (GST) collections in December (for November sales) rose over the Rs. 1-lakh crore mark, a growth of 8.9 percent year-over-year. In November too, the GST mop-up had topped Rs. 1 lakh crore, but December figures were keenly awaited since the November collections were largely attributed to higher festive sales. In December, GST collections at Rs 1,03,184 crore were marginally lower than the previous month, but rise for the second month in a row indicates improvement in revenue growth and higher compliance due to enforcement of more anti-evasion measures and a cap on input tax credit. Until December 31, as many as 81.21 lakh GSTR 3B (monthly summary returns) were filed, 4.3 percent more than 77.83 lakh in November. Also, a cap on input tax credit at 20 percent of the eligible credit for businesses effective October helped in higher collections. This cap, which was only for buyers whose suppliers did not upload invoices, prevented fraudulent claims and revenue leakage, said tax officials.

Which of the following constitutional amendment acts is related to the Goods and Services Tax (GST)?

Options

  • One Hundred and First Amendment of the Constitution of India

  • One Hundred and Second Amendment of the Constitution of India

  • One Hundred and Third Amendment of the Constitution of India

  • One Hundred and Fourth Amendment of the Constitution of India

Solution

One Hundred and First Amendment of the Constitution of India

Explanation:

Goods and Services Tax (GST) came into effect from July 1, 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India by the Indian government. The GST replaced existing multiple taxes levied by the central and state governments.

Concept: National Event (Entrance Exam)
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