Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:

Which of the following taxes have been subsumed under the Goods and Service tax (GST)?

Options:

Central sales tax

Purchase tax

Value added tax

All of the above

Correct Answer:

All of the above

Explanation:

Goods and service tax is a destination based tax implemented to reduce the multiple taxations by the government at different stages. The following taxes were merged to form GST: 

  • Purchase tax.
  • Central sales tax.
  • VAT.
  • Surcharge and CESS.
  • Entry tax.
  • Taxes on lottery, gambling and betting.
  • Taxes on advertisements.