Which of the following taxes have been subsumed under the Goods and Service tax (GST)?
Answer & explanation
Correct answer: option 4
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.