The correct answer is: A. 1st July 2017
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on goods and services supplied in India. It is a destination-based tax, which means that the tax is levied at the place where the goods or services are consumed. GST was introduced in India with effect from 1st July 2017.
The objective of GST is to create a single market for goods and services in India. It is expected to simplify the tax structure, reduce the cost of doing business, and boost economic growth.
GST is a complex tax system, and there are many different rules and regulations that businesses need to comply with. However, the government has made significant efforts to simplify the tax system and make it easier for businesses to comply.
GST is a major reform in the Indian tax system, and it is expected to have a significant impact on the Indian economy. It is important for businesses to understand the GST system and comply with the relevant rules and regulations.
Here is a brief explanation of each option:
- Option A: 1st July 2017: This is the correct answer. GST was introduced in India with effect from 1st July 2017.
- Option B: 1st January 2017: This is incorrect. GST was not introduced in India on 1st January 2017.
- Option C: 1st April 2017: This is incorrect. GST was not introduced in India on 1st April 2017.
- Option D: 8st July 2017: This is incorrect. GST was not introduced in India on 8st July 2017.