Practicing Success

Target Exam

CUET

Subject

General Test

Chapter

General Knowledge

Topic

Economics

Question:

Which of the following depicts "Features" of goods and services tax?

Options:

To simplify the taxation system 

To generate additional revenue

Reduce tax evasion

All of the above

Correct Answer:

All of the above

Explanation:

In 2016, the Indian Parliament passed a law, Goods and Services Tax Act 2016, to simplify and introduce a unified indirect tax system in India. This law came into effect from July 2017. This is expected to generate additional revenue for the government, reduce tax evasion and create ‘one nation, one tax and one market’.