[amp_mcq option1=”2007″ option2=”2006″ option3=”2005″ option4=”2008″ correct=”option3″]<\/p>\n
The correct answer is (c). Value Added Tax (VAT) was first introduced in India in 2005. It is a consumption tax that is levied on the value added to goods and services at each stage of the production and distribution process. VAT is a destination-based tax, which means that it is levied on the final consumer of the goods or services. The tax is collected by the central government and distributed to the states in proportion to their population.<\/p>\n
VAT is a major source of revenue for the government of India. In 2017-18, VAT revenue was estimated to be \u00e2\u0082\u00b917.5 lakh crore (US$250 billion). VAT is a complex tax system, and there are a number of exemptions and special rules that apply. The government of India has been working to simplify the VAT system in recent years.<\/p>\n
The following are the four options of the question:<\/p>\n
(a) 2007: This is incorrect. VAT was first introduced in India in 2005.
\n(b) 2006: This is incorrect. VAT was first introduced in India in 2005.
\n(c) 2005: This is the correct answer. VAT was first introduced in India in 2005.
\n(d) 2008: This is incorrect. VAT was first introduced in India in 2005.<\/p>\n","protected":false},"excerpt":{"rendered":"
[amp_mcq option1=”2007″ option2=”2006″ option3=”2005″ option4=”2008″ correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[62],"tags":[],"class_list":["post-355","post","type-post","status-publish","format-standard","hentry","category-economy","no-featured-image-padding"],"yoast_head":"\n