The correct answer is: d) All of the above.
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It was implemented on July 1, 2017, with the objective of simplifying the indirect tax system, broadening the tax base, and improving tax compliance.
The GST has replaced a number of indirect taxes, including the Central Value Added Tax (Cenvat), the State Value Added Tax (SVAT), the Excise Duty, and the Service Tax. This has simplified the indirect tax system and made it easier for businesses to comply with tax laws.
The GST has also broadened the tax base by bringing in a number of services under its purview. This has increased the revenue collection from indirect taxes.
The GST has also improved tax compliance by making it easier for businesses to file their returns and pay taxes. This has led to a reduction in tax evasion.
Overall, the GST has been a successful reform that has simplified the indirect tax system, broadened the tax base, and improved tax compliance.
Here is a brief explanation of each option:
- Option a: Simplify the indirect tax system. The GST has replaced a number of indirect taxes, including the Central Value Added Tax (Cenvat), the State Value Added Tax (SVAT), the Excise Duty, and the Service Tax. This has simplified the indirect tax system and made it easier for businesses to comply with tax laws.
- Option b: Broaden the tax base. The GST has also broadened the tax base by bringing in a number of services under its purview. This has increased the revenue collection from indirect taxes.
- Option c: Improve tax compliance. The GST has also improved tax compliance by making it easier for businesses to file their returns and pay taxes. This has led to a reduction in tax evasion.