Goods and Services Tax (GST) came into force from :
A1st April 2017
B1st July 2017
C1st July 2018
D1st April 2018
Answer:
B. 1st July 2017
Read Explanation:
- 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.