Question

GST came into effect on 1st July 2017. What does T in GST stand for?
a. Tree
b. Tax
c. Table

Answer 1

Answer : $\bold{Tax}$


Extra information -
.
GST stands for Goods and Service Tax which came into effect on 1st July 2017.

GST is a single indirect tax which is levied on goods and services. It is a combination of central and state taxes together.

It is a single tax on the supply of goods and services from manufacturers to consumers.

This was introduced in Lok sabha in the year 2009. Later, it was slightly modified and passed by both the houses in the parliament. It was came into effect on 1st July 2017 all over India. GST will help the nation in achieving the goal of "One Nation, One Tax".

Answer 2

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➧ GST came into effect on 1st July 2017.
What does T in GST stand for?

➫ Tax

❱ GST is one single tax replacing all the indirect taxes levied at central and state level in India.

❱ GST is a single tax on the supply of goods and services.

❱ There is a facility to avail the credit of input taxes paid at each stage in the subsequent stage of value addition.

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