GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What does GST stand for?
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Gross Supply Trade
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Goods and Services Trade
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Goods and Supply Tax
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Goods and Services Tax
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Explanation:
Detailed explanation-1: -Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
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