The correct answer is: d) All of the above.
The Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017, and replaced a number of central and state taxes, including the Value Added Tax (VAT), Central Sales Tax (CST), and Excise Duty.
The GST has had a significant impact on Tamil Nadu’s economy. The state’s tax revenue has increased significantly since the introduction of the GST, and its fiscal autonomy has also improved. The GST has also had a positive impact on the state’s manufacturing sector, as it has made it easier for businesses to operate across state borders. Additionally, the GST has boosted trade and commerce in Tamil Nadu, as it has made it easier for businesses to import and export goods.
Here is a brief explanation of each option:
- Option a) Tax revenue and fiscal autonomy: The GST has had a positive impact on Tamil Nadu’s tax revenue. In the financial year 2017-18, the state’s tax revenue from the GST was Rs. 1,00,000 crore, which was an increase of 20% from the previous financial year. The GST has also helped to improve the state’s fiscal autonomy, as it has given the state government more control over its own finances.
- Option b) Manufacturing sector: The GST has had a positive impact on Tamil Nadu’s manufacturing sector. The state’s manufacturing sector grew by 8.2% in the financial year 2017-18, which was higher than the national average of 7.2%. The GST has made it easier for businesses to operate across state borders, which has helped to boost the state’s manufacturing sector.
- Option c) Trade and commerce: The GST has had a positive impact on trade and commerce in Tamil Nadu. The state’s exports grew by 12.5% in the financial year 2017-18, which was higher than the national average of 10.9%. The GST has made it easier for businesses to import and export goods, which has helped to boost trade and commerce in the state.