{"id":35365,"date":"2024-04-15T09:44:32","date_gmt":"2024-04-15T09:44:32","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=35365"},"modified":"2024-04-15T09:44:32","modified_gmt":"2024-04-15T09:44:32","slug":"which-of-the-following-statements-are-true-in-context-of-benefits-of-gst","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-are-true-in-context-of-benefits-of-gst\/","title":{"rendered":"Which of the following statements are true in context of benefits of GST?"},"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_6a9f6a187e803\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    GST will help India to create a unified common national market for India, giving a boost to foreign investment and Make in India campaign                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    GST will mitigate the cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Harmonization of laws, procedures and rates of tax between Centre and States and across States that helps in cooperative federalism                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    All of the above                <\/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 D. All of the above.<\/p>\n<p>GST is a comprehensive indirect tax reform that subsumes most of the indirect taxes levied by the Centre and the States. It is a destination-based tax, which means that the tax is levied at the point of consumption. GST is a single tax on supply of goods and services, irrespective of the number of stages involved in the supply chain.<\/p>\n<p>The benefits of GST are manifold. It will help to create a unified common national market for India, giving a boost to foreign investment and Make in India campaign. It will also mitigate the cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply. GST will also help in harmonization of laws, procedures and rates of tax between Centre and States and across States that <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 <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>            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> helps in cooperative federalism.<\/p>\n<p>Here is a brief explanation of each of the options:<\/p>\n<ul>\n<li>Option A: GST will help India to create a unified common national market for India, giving a boost to foreign investment and Make in India campaign.<\/li>\n<\/ul>\n<p>Under the current indirect tax regime, there are multiple taxes levied by the Centre and the States on goods and services. This leads to a fragmented market, as different taxes are levied on the same goods and services in different States. This makes it difficult for businesses to operate across States and also increases the cost of doing business. GST will help to create a unified common national market by subsuming all indirect taxes under a single tax. This will make it easier for businesses to operate across States and will also reduce the cost of doing business. This will attract more foreign investment and boost the Make in India campaign.<\/p>\n<ul>\n<li>Option B: GST will mitigate the cascading of taxes as Input Tax Credit will be available across goods and services at every stage of supply.<\/li>\n<\/ul>\n<p>Under the current indirect tax regime, taxes are levied on the value of goods and services at every stage of the supply chain. This leads to cascading of taxes, as the tax paid at one stage is added to the value of the goods or services at the next stage. This increases the cost of goods and services for consumers. GST will mitigate the cascading of taxes by allowing businesses to claim Input Tax Credit (ITC) on the taxes paid on inputs. This will reduce the cost of goods and services for consumers.<\/p>\n<ul>\n<li>Option C: Harmonization of laws, procedures and rates of tax between Centre and States and across States that helps in cooperative federalism.<\/li>\n<\/ul>\n<p>Under the current indirect tax regime, there are different laws, procedures and rates of tax applicable in different States. This makes it difficult for businesses to comply with the tax laws and also increases the cost of doing business. GST will help to harmonize the laws, procedures and rates of tax between Centre and States and across States. This will make it easier for businesses to comply with the tax laws and will also reduce the cost of doing business. This will also help in cooperative federalism, as the Centre and the States will work together to implement GST.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel 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 benefits of GST?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-are-true-in-context-of-benefits-of-gst\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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