Question

Goods and Services Tax (GST) came into force from :

• A. 1st April 2017
• B. 1st July 2017
• C. 1st July 2018
• D. 1st April 2018

Answer 1

Answer:

B. 1st July 2017

• The GST (122nd Constitutional Amendment) Bill, 2014 was passed in May 2015.
• It was enacted as Constitution (101st Amendment) Act, 2016, with effect from, 16th September, 2016.
• The GST was launched on 1st July 2017. 
  
  
• GST is a tax levied when a consumer buys a good or service.
• It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, etc.
• It subsumed 17 large taxes and 13 cesses.
• It is a single tax on the supply of goods and services, right from the manufacturer to the end consumer
• GST does not tax or get into specific commodities.