The correct answer is: C. 1st July, 2017.
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on goods and services supplied in India, except alcohol, petroleum products, and electricity. It was introduced on 1st July, 2017, and replaced a number of indirect taxes levied by the central and state governments, including excise duty, service tax, value-added tax (VAT), and central sales tax (CST).
The GST is a destination-based tax, which means that it is levied at the point of consumption. The tax rate is determined by the type of goods or services being supplied, and the value of the supply.
The GST is a major reform in the Indian tax system, and is expected to simplify the tax regime, improve compliance, and boost economic growth.
Here is a brief explanation of each option:
- Option A: 1st April, 2017. This is the date on which the Indian budget is usually presented. However, the GST was not introduced on this date.
- Option B: 1st January, 2017. This is the beginning of the financial year in India. However, the GST was not introduced on this date.
- Option C: 1st July, 2017. This is the date on which the GST was actually introduced.
- Option D: 1st March, 2017. This is the date on which the GST was originally scheduled to be introduced. However, the introduction was delayed by a few months.