Question

Single biggest economic reform since independence brought by Narendra Modi government against black money and corruption,,,, A) Service Tax(ST) B) Value Added Tax (VAT) C) Good and Service Tax(GST) D) Income Tax(IT)

Answer 1

The correct answer is option C – GST (Goods and Services Tax).

On 1st July 2017, the Indian government introduced GST act in the parliament.

It aimed at replacing the other indirect taxes which had different rates in different states.

After GST a single rate of indirect tax is applied on goods and services throughout India.

Answer 2

The single biggest reform by the Modi government is the introduction of Goods and Service Tax (GST).  It has been done to simplify and avoid double taxation system.

Explanation:  

• GST is a multiple-stage and destination tax charged on the services and goods of the state.
• It has been implemented throughout the country. It was introduced with the main aim of easing the tax system and to increase the revenue base of the government.
• The double taxation system is avoided and ease of doing business is enhanced through this reform.

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