[amp_mcq option1=”101st” option2=”118th” option3=”257th” option4=”94th” correct=”option2″]
The correct answer is: B. 118th
The 118th Amendment to the Constitution of India, enacted on 8 September 2016, introduced a new system of indirect taxation called the Goods and Services Tax (GST). The GST is a comprehensive indirect tax that subsumes all central and state indirect taxes, including excise duty, service tax, value added tax (VAT), and central sales tax (CST).
The 118th Amendment to the Constitution of India was passed by the Parliament of India on 29 August 2016. The Bill was introduced in the Lok Sabha on 18 December 2015 by the Finance Minister, Arun Jaitley. The Bill was passed by the Lok Sabha on 20 December 2015 and by the Rajya Sabha on 21 December 2015. The Bill received the assent of the President of India on 8 September 2016.
The 118th Amendment to the Constitution of India came into effect on 1 July 2017. The GST is levied on all goods and services supplied in the course of inter-state or intra-state trade or commerce. The GST is levied at a single rate on all goods and services, except for a few items that are exempted from GST.
The GST is a destination-based tax, which means that the tax is levied at the place where the goods or services are consumed. The GST is collected by the central government and the state governments. The central government and the state governments share the revenue from the GST in a 50:50 ratio.
The GST is a major reform in the indirect tax system in India. The GST is expected to simplify the indirect tax system, reduce the cost of doing business, and boost economic growth.
The other options are incorrect because they are not related to the Goods and Services Tax (GST).