Which of the following is statement is not correct about GST?
A) GST is like a last-point retail tax. GST is going to be collected at point of Sale.
B) GST will abolish all the direct tax levied in India
C) It will be implemented from 1 July, 2017 throughout the country.
D) It will unified the tax structure in India
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b. GST will abolish all direct tax leveid in India.
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The following statement is false about GST.
GST will abolish all the direct tax levied in India.
- GST was implemented in India on 1st July 2017.
- GST is known as goods and service tax. It is an indirect tax which has replaced many indirect taxes India like the excise duty service tax VAT etc.
- Direct taxes can be in the form of income tax capital gain for security and Transaction Tax.
- GST is an indirect tax and it did not abolish all the direct taxes levied in India.
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