New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    In India, the GST is based on the dual model GST adopted

    in:
    A UK Correct Answer Incorrect Answer
    B Canada Correct Answer Incorrect Answer
    C USA Correct Answer Incorrect Answer
    D Japan Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    In India, the Goods and Services Tax (GST) is based on the dual model GST adopted in Canada. The dual model GST involves two components: the Central Goods and Services Tax (CGST) and the State Goods and Services Tax (SGST). Under this system, both the central government and state governments have the authority to levy and collect GST on the supply of goods and services within their respective jurisdictions. This structure ensures that the tax revenue is shared between the central and state governments and helps maintain fiscal autonomy for each state while streamlining the taxation process across the country. The implementation of the dual model GST in India took place on July 1, 2017, replacing the previous complex and fragmented tax system with a unified and simplified tax regime.

    Practice Next

    Relevant for Exams: