GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Goods and Services tax (GST) proposed to be introduced, covers taxes like
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Trade/Sale Tax
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service tax
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service, excise
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excise, service, VAT
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Explanation:
Detailed explanation-1: -Initially, it was proposed that GST would be introduced from 1st April 2010.The Empowered Committee of State Finance Ministers (EC) which had formulated the design of State VAT was requested to come up with a roadmap and structure for GST.
Detailed explanation-2: -Thus GST is a unifier that is going to integrate various taxes being levied by the Centre and the State at present and provide a platform for forging an economic union of the country. This tax reform will lead to creation of a single national market, common tax base and common tax laws for the Centre and States.
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