ECONOMICS
ECONOMIC GROWTH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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2%-5%
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5%-8%
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10%-12%
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4%-6%
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Detailed explanation-1: -A consumption tax is a tax on what people spend, rather than what people earn. This ensures that the tax code is neutral with respect to current and future consumption, and that the income is only taxed once. A consumption tax system would shift the time of collection from when money is earned to when money is spent.
Detailed explanation-2: -GST regime GST is a comprehensive ‘consumption tax’ levied on the supply of all goods and services. Indian GST is a dual model: Central GST (CGST), levied by the Central Government. State GST (SGST)/Union Territory GST (UTGST), levied by the State Governments/Union Territories.
Detailed explanation-3: -Consumption tax As of 1 October 2019, the rate increased to 10%. Exports and certain services to non-residents are taxed at a zero rate. Specified transactions, such as sales or lease of land, sales of securities, and provision of public services, are not subject to taxation.
Detailed explanation-4: -Japan first introduced a consumption tax in 1989. The rate was initially set at 3 per cent, and was raised to 5 per cent in 1997.