Question

Which of the following statements are true regarding the Constitution (One Hundred and First Amendment) Act, 2016?

1. GST Act is a comprehensive direct tax on the manufacture, sale, and consumption of goods and services throughout India.
2. The Act will transform India into a common market, harmonising myriads of State and Central levies into a national goods and services tax which is expected to boost manufacturing and reduce corruption.
3. It provides for the Constitution of a Goods and Services Tax Council by inserting Article 297 A in the Constitution.
4. GST will be based on the input tax credit method.

Options

• I, II and Ill 

• II, Ill and IV 

• I, II and V 

• All of these

Answer 1

II, Ill and IV