Question
Consider the following statements in regard to the Goods
and Service Tax: (1) The GST shall have two components : one levied by the centre, and the other levied by the states. (2) The central GST and state GST are to be paid to the joint accounts of the centre and the states. (3) While the imports would be zero-rated, the exports would be subjected to the GST. Which of the above statements is/are correct?Solution
The Goods and Services Tax (GST) is a Value Added Tax (VAT) replacing all indirect taxes levied on goods and services by the Indian Central and State governments. India is a federal republic, and the GST is thus implemented concurrently by the central and state governments as the Central GST and the State GST respectively. Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
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