The correct answer is (d) April 01, 2014.
Goods and Services Tax (GST) is a comprehensive indirect tax that will be levied on all goods and services supplied in India, except for a few exempted items. It is a destination-based tax, which means that the tax will be levied at the place where the goods or services are consumed. GST will replace the existing indirect taxes such as Central Excise, Service Tax, Value Added Tax (VAT), and Central Sales Tax (CST).
The GST Council, which is the apex body for the implementation of GST, has decided to roll out GST in a phased manner. The first phase of GST will be implemented from April 01, 2017. In the first phase, GST will be levied on all goods and services except for petroleum products, alcohol, and electricity. These items will be brought under GST in a later phase.
The GST Council has also decided to set up a GST Network (GSTN) to facilitate the implementation of GST. GSTN will be a single IT backbone for the entire GST system. It will be responsible for creating and maintaining a central database of all taxpayers, generating and issuing invoices, and collecting and depositing GST.
The implementation of GST is expected to have a significant impact on the Indian economy. It is expected to boost economic growth, improve tax compliance, and reduce the cost of doing business. It is also expected to make the Indian economy more competitive in the global market.
The following are the options for the question “GIST (Goods and Service Tax) is now proposed to be introduced in India from”:
(a) April 01, 2011
(b) April 2012
(c) April 2013
(d) April 01, 2014
The correct answer is (d) April 01, 2014.