CURRENT AFFAIRS

Detailed explanation-1: -Industries in the north eastern and Himalayan states will continue to get tax exemption till March 2027, albeit as refund, under the current Goods and Services Tax (GST) regime which was rolled out on July 1, finance minister Arun Jaitley said on Wednesday.

Detailed explanation-2: -Detailed Solution. The correct answer is Assam. On 12 August 2016, Assam became the first state to ratify GST Bill.

Detailed explanation-3: -Atal Bihari Vajpayee is known as the father of GST. He was often referred to as Bihari. He was a leader of the Bharatiya Janata Party (BJP) and twice served as the Prime Minister of India.

Detailed explanation-4: -There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

Detailed explanation-5: -The number of items under the highest tax slab of 28 per cent has come down to only three per cent in January 2022 from 17 per cent at the time of implementation of GST, ” said the president of the PHD Chamber of Commerce and Industry (PHDCCI).