{"id":34643,"date":"2024-04-15T09:33:43","date_gmt":"2024-04-15T09:33:43","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=34643"},"modified":"2024-04-15T09:33:43","modified_gmt":"2024-04-15T09:33:43","slug":"which-of-the-following-statements-are-true-in-context-of-gst-1-adoption-of-four-slabs-tax-rate-structure-of-5-12-18-and-28-2-there-would-be-a-category-of-exempt-goods-3-a-cess-would-be-levied","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-are-true-in-context-of-gst-1-adoption-of-four-slabs-tax-rate-structure-of-5-12-18-and-28-2-there-would-be-a-category-of-exempt-goods-3-a-cess-would-be-levied\/","title":{"rendered":"Which of the following statements are true in context of GST? 1. Adoption of four slabs tax rate structure of 5%, 12%, 18% and 28%. 2. There would be a category of exempt goods. 3. A cess would be levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the rate of 28% for payment of compensation to the states"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9d316a6f82f\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"true\">\r\n                    1, 2 and 3                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    2 and 3                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    1 and 3                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Only 1                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>A. 1, 2 and 3<\/strong><\/p>\n<p>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 is a single tax that subsumes a number of indirect taxes levied by the central and state governments, such as excise duty, service tax, value-added tax (VAT), and central sales tax (CST).<\/p>\n<p>The GST rate structure is as follows:<\/p>\n<ul>\n<li>5%: Essential items such as food grains, milk, and medicines<\/li>\n<li>12%: Intermediate goods and services<\/li>\n<li>18%: Most goods and services<\/li>\n<li>28%: Luxury goods and services<\/li>\n<\/ul>\n<p>There is also a cess levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the rate of 28% for payment of compensation to the states.<\/p>\n<p>The GST regime was implemented in India on July 1, 2017. It is one of the biggest tax reforms in India and is expected to simplify the tax system and improve compliance.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Option 1: Adoption of four slabs tax rate structure of <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> 5%, 12%, 18% and 28%.<\/li>\n<\/ul>\n<p>This is correct. The GST rate structure is as follows:<\/p>\n<ul>\n<li>5%: Essential items such as food grains, milk, and medicines<\/li>\n<li>12%: Intermediate goods and services<\/li>\n<li>18%: Most goods and services<\/li>\n<li>\n<p>28%: Luxury goods and services<\/p>\n<\/li>\n<li>\n<p>Option 2: There would be a category of exempt goods.<\/p>\n<\/li>\n<\/ul>\n<p>This is also correct. There are a number of goods that are exempt from GST, such as food grains, milk, and medicines.<\/p>\n<ul>\n<li>Option 3: A cess would be levied on certain goods such as <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> luxury cars, aerated drinks, pan masala and tobacco products, over and above the rate of 28% for payment of compensation to the states.<\/li>\n<\/ul>\n<p>This is also correct. A cess is levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the rate of 28% for payment of compensation to the states.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[704],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which of the following statements are true in context of GST? 1. Adoption of four slabs tax rate structure of 5%, 12%, 18% and 28%. 2. There would be a category of exempt goods. 3. 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