Consider the following statements regarding the Goods and Services Tax (GST) of India: (i) GST is a successor to VAT used in India on the supply of goods and services. (ii) GST came into effect from…

Question

Consider the following statements regarding the Goods and Services Tax (GST) of India: (i) GST is a successor to VAT used in India on the supply of goods and services. (ii) GST came into effect from 1st July, 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India. (iii) Every decision of the GST Council is to be taken by a majority of not less than three-fourths of the weighted votes of the members present and voting at the meeting. (iv) The GST Council is chaired by the Prime Minister of India. Select the correct statement/statements using the codes given below.

PYQPulse · Accepted Answer

(i), (ii) and (iii) only

PYQPulse · Answer

Explanation: GST replaced VAT from 1 July 2017 via the 101st Amendment and GST Council decisions need a 3/4th weighted majority, but the Council is chaired by the Union Finance Minister, not the Prime Minister.

Answer: D. (i), (ii) and (iii) only

Explanation

Answer: D. (i), (ii) and (iii) only

Explanation