Join 60,000+ competitive exam aspirants
or with email
Your Cart
SubtotalтВ╣0
TotalтВ╣0
Examoogle тАв User тАв info@examoogle.com тАв EE-2024-8821
Chapter 1 of 12 тАв Page 1 of 248ЁЯФТ Protected PDF тАв Watermarked
Join 60,000+ competitive exam aspirants
What is the full form of 'GST' as implemented in the Indian tax system?
Goods and Services Tax
General Sales Tax
Government Service Tax
Gross Service Tax
Goods and Services Tax
The Goods and Services Tax (GST) is India's unified, multi-stage, destination-based indirect tax system implemented nationwide on July 1, 2017.
GST was introduced to eliminate the cascading effect of multiple indirect taxes like excise duty, VAT, and service tax. It transformed India into a single common market by creating a unified taxation structure. The tax is levied at every stage of value addition, with the final burden borne by the end consumer.
GST was enabled by The Constitution (101st Amendment) Act, 2016, which introduced Article 279A to provide for the constitution of the GST Council. The GST Council, chaired by the Union Finance Minister, is the constitutional body empowered to make recommendations on tax rates and exemptions.
Implementation date: July 1, 2017
Constitutional amendment: 101st Amendment Act, 2016
Tax structure: Multi-stage, destination-based indirect tax
Registration threshold: Up to 40 lakh for goods and 20 lakh for services
A is correct тАФ Goods and Services Tax is the official terminology for India's unified indirect tax system implemented since July 1, 2017.
Remember the acronym GST as 'One Nation, One Tax' to link it with the 101st Amendment, where the sum of the digits (1+0+1) reminds you of the single-market vision.
Get instant step-by-step AI explanations, full shift Previous Year Papers (SSC GD, RRB, SSC JE), and regional rank analysis on the official Examoogle App.
Free Download тАв 100K+ Aspirants