{"id":91506,"date":"2025-06-01T10:58:00","date_gmt":"2025-06-01T10:58:00","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=91506"},"modified":"2025-06-01T10:58:00","modified_gmt":"2025-06-01T10:58:00","slug":"what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/","title":{"rendered":"What is\/are the most likely advantages of implementing &#8216;Goods and Serv"},"content":{"rendered":"<p>What is\/are the most likely advantages of implementing &#8216;Goods and Services Tax (GST)&#8217;?<\/p>\n<ul>\n<li>1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India.<\/li>\n<li>2. It will drastically reduce the &#8216;Current Account Deficit&#8217; of India and will enable it to increase its foreign exchange reserves.<\/li>\n<li>3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future.<\/li>\n<\/ul>\n<p>Select the correct answer using the code given below:<\/p>\n<p>[amp_mcq option1=&#8221;1 only&#8221; option2=&#8221;2 and 3 only&#8221; option3=&#8221;1 and 3 only&#8221; option4=&#8221;1, 2 and 3&#8243; correct=&#8221;option1&#8243;]<\/p>\n<div class=\"psc-box-pyq-exam-year-detail\">\n<div class=\"pyq-exam\">\n<div class=\"psc-heading\">This question was previously asked in<\/div>\n<div class=\"psc-title line-ellipsis\">UPSC IAS &#8211; 2017<\/div>\n<\/div>\n<div class=\"pyq-exam-psc-buttons\"><a href=\"\/pyq\/pyq-upsc-ias-2017.pdf\" target=\"_blank\" class=\"psc-pdf-button\" rel=\"noopener\">Download PDF<\/a><a href=\"\/pyq-upsc-ias-2017\" target=\"_blank\" class=\"psc-attempt-button\" rel=\"noopener\">Attempt Online<\/a><\/div>\n<\/div>\n<section id=\"pyq-correct-answer\">Statement 1 correctly identifies a primary advantage of GST, which is the creation of a unified national market by subsuming multiple taxes.<\/section>\n<section id=\"pyq-key-points\">The Goods and Services Tax (GST) aims to simplify the indirect tax structure in India, replacing various central and state taxes with a single comprehensive tax, thereby reducing tax cascading and promoting ease of doing business across states.<\/section>\n<section id=\"pyq-additional-information\">Statements 2 and 3 make exaggerated and less certain claims. While GST is expected to positively impact the economy in the long run by increasing tax buoyancy and improving supply chains, drastic reduction in the Current Account Deficit or enormously increasing the growth to overtake China in the near future are not guaranteed outcomes solely due to GST implementation; these factors depend on a multitude of economic variables.<\/section>\n","protected":false},"excerpt":{"rendered":"<p>What is\/are the most likely advantages of implementing &#8216;Goods and Services Tax (GST)&#8217;? 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the &#8216;Current Account Deficit&#8217; of India and will enable it to increase its foreign exchange reserves. 3. It &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What is\/are the most likely advantages of implementing &#8216;Goods and Serv\" class=\"read-more button\" href=\"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/#more-91506\">Detailed Solution<span class=\"screen-reader-text\">What is\/are the most likely advantages of implementing &#8216;Goods and Serv<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1092],"tags":[1101,1120,1196],"class_list":["post-91506","post","type-post","status-publish","format-standard","hentry","category-upsc-ias","tag-1101","tag-economic-development","tag-fiscal-policy-revenue","no-featured-image-padding"],"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>What is\/are the most likely advantages of implementing &#039;Goods and Serv<\/title>\n<meta name=\"description\" content=\"Statement 1 correctly identifies a primary advantage of GST, which is the creation of a unified national market by subsuming multiple taxes. The Goods and Services Tax (GST) aims to simplify the indirect tax structure in India, replacing various central and state taxes with a single comprehensive tax, thereby reducing tax cascading and promoting ease of doing business across states.\" \/>\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\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is\/are the most likely advantages of implementing &#039;Goods and Serv\" \/>\n<meta property=\"og:description\" content=\"Statement 1 correctly identifies a primary advantage of GST, which is the creation of a unified national market by subsuming multiple taxes. The Goods and Services Tax (GST) aims to simplify the indirect tax structure in India, replacing various central and state taxes with a single comprehensive tax, thereby reducing tax cascading and promoting ease of doing business across states.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-01T10:58:00+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"What is\/are the most likely advantages of implementing 'Goods and Serv","description":"Statement 1 correctly identifies a primary advantage of GST, which is the creation of a unified national market by subsuming multiple taxes. The Goods and Services Tax (GST) aims to simplify the indirect tax structure in India, replacing various central and state taxes with a single comprehensive tax, thereby reducing tax cascading and promoting ease of doing business across states.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/","og_locale":"en_US","og_type":"article","og_title":"What is\/are the most likely advantages of implementing 'Goods and Serv","og_description":"Statement 1 correctly identifies a primary advantage of GST, which is the creation of a unified national market by subsuming multiple taxes. The Goods and Services Tax (GST) aims to simplify the indirect tax structure in India, replacing various central and state taxes with a single comprehensive tax, thereby reducing tax cascading and promoting ease of doing business across states.","og_url":"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2025-06-01T10:58:00+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/","url":"https:\/\/exam.pscnotes.com\/mcq\/what-is-are-the-most-likely-advantages-of-implementing-goods-and-serv\/","name":"What is\/are the most likely advantages of implementing 'Goods and Serv","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2025-06-01T10:58:00+00:00","dateModified":"2025-06-01T10:58:00+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"description":"Statement 1 correctly identifies a primary advantage of GST, which is the creation of a unified national market by subsuming multiple taxes. 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