The correct answer is: C. 121st
The Constitution Amendment Bill for implementation of GST was the 121st Amendment to the Constitution of India. It was passed by the Parliament of India on 8 September 2016 and ratified by the legislative assemblies of at least 50% of the states on 15 December 2016. The bill came into effect on 1 July 2017.
The 121st Amendment to the Constitution of India inserted a new Article 246A into the Constitution, which provides for the levy of Goods and Services Tax (GST) on intra-state and inter-state supply of goods and services. The amendment also inserted a new Chapter V into the Constitution, which deals with the GST Council. The GST Council is a body comprising the Union Finance Minister and the Finance Ministers of all the states. The GST Council is responsible for making recommendations to the Central Government on matters relating to GST, including the rates of tax, the exemptions, and the rules and regulations governing the levy and collection of GST.
The 121st Amendment to the Constitution of India is a landmark amendment that has brought about a significant change in the taxation system in India. The introduction of GST has replaced the existing indirect taxes, such as Central Excise, Service Tax, Value Added Tax (VAT), and Central Sales Tax (CST), with a single tax. This has led to a simplification of the tax system and has also made it easier for businesses to comply with the tax laws.
The 121st Amendment to the Constitution of India has also been beneficial for consumers. The introduction of GST has led to a reduction in the prices of goods and services. This is because the GST is a destination-based tax, which means that the tax is levied at the place where the goods or services are consumed. This is in contrast to the existing indirect taxes, which were levied at the place where the goods or services were manufactured or supplied.
The 121st Amendment to the Constitution of India is a major step towards the simplification and rationalization of the indirect tax system in India. The introduction of GST has led to a number of benefits for businesses and consumers.