The primary GST slabs for any regular taxpayers are presently pegged at: (a) (b) (c) (d)

Option A: 0%, 0.5 %, 12%, 18%, 26%

Option B: 0%, 6%, 12%, 18%, 28%

Option C: 0%, 5%, 12%, 18%, 28%

Option D: 0%, 5%, 12%, 16%, 28%

Correct Answer

Option: c

Explanation

Good and Services Tax (GST): Goods and Services Tax (GST) is an indirect tax levied upon the supply of goods and services in India. GST is considered to be comprehensive (as it subsumed all indirect taxes), multistage (as there is a value addition at every stage), and destination-based tax (as it is collected at the stage of consumption). Vijay Kelkar’s Committee suggested the implementation of GST This lax was introduced to replace all other indirect taxes such as Value-added tax (VAT), Service tax, Purchase tax, Excise duty, and so on. The main aim of implementing it was one nation, one tax, and one market. France was the first country to implement GST in 1954 GST was introduced by the 101st Constitutional Amendment Act in India In India, GST has been implemented on 1st July 2017 GST rates refer to the percentage rates of tax imposed on the sale of goods or services under the CGST, SGST and IGST Acts. The primary GST slabs for any regular taxpayers are presently pegged at 0% (nil-rated), 5%, 12%, 18% & 28%. No Tax. Goods-No taxes will be levied on goods like sanitary napkins, deities made of stone, marbles or wood, Rakhis without any precious metals like gold, silver, raw material used in brooms, Salt, sanitary napkins, whole food materials, eggs, newspaper, statues of god e and goddesses made of stone, children’s picture book and colour book. Services All hotels and lodges who carry a tariff below INR 1,000 are exempted from taxes under GST. The list also includes IMM courses and bank charges on savings account. Note.-Assam was the first State to pass the GST Bill. The committee to design the GST Model was the Asim Das Gupta Committee. The GST was conceptualized in India for the first time in 1999 during the meeting between then PM of India Atal Bihari Vajpayee and his economic advisory panel of three RBI Governors IG Patel, Bimal Jalan, and C. Rangarajan. In India, GST was first proposed in the year 2000. The headquarter of the GST Council is in New Delhi. Union Finance Minister Nirmala Sitharaman is the current chairperson of the GST Council. The types of GST in India are Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UGST), and Integrated Goods and Services Tax (IGST). A GST ID number consists of 15 digits.

Sample Mock Tests for Practice

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THE SPECIFIC RELIEF ACT, 1963 (PAPER – 02 Q. NO. 36 TO 70)

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THE TRANSFER OF PROPERTY ACT, 1882 (PAPER 08 Q.NO. 281 TO 320)

THE CONSTITUTION OF INDIA, 1949 (PAPER – 13 Q. NO. 421 TO 455)

THE CHHATTISGARH EXCISE ACT, 1915 (PAPER 01 Q. NO. 1 TO 8)

THE LAW OF TORTS (PAPER 02 Q. NO. 46 TO 90)

THE INDIAN CONTRACT ACT, 1872 (PAPER – 17 Q. NO. 561 TO 595)

THE INDUSTRIAL DISPUTES ACT, 1947 (PAPER 01 Q. NO. 1 TO 15)

THE LIMITATION ACT, 1963 (PAPER 07 Q. NO. 241 TO 269)

The Hindu Marriage Act, 1955 (Paper 02: Q. 26 TO 50)

THE CONSTITUTION OF INDIA, 1949 (PAPER – 15 Q. NO. 491 TO 525)

THE INDIAN CONTRACT ACT, 1872 (PAPER – 13 Q. NO. 421 TO 455)

CLAT 2019

THE CONSTITUTION OF INDIA, 1949 (PAPER – 02 Q. NO. 36 TO 70)

THE CONSTITUTION OF INDIA, 1949 (PAPER – 16 Q. NO. 526 TO 560)

DELHI LOWER JUDICIARY 2010

MADHYA PARDESH LOWER JUDICIAL SERVICES 2001

THE HINDU MARRIAGE ACT, 1955 (PAPER -3 Q. NO. 51 TO 75)

THE CODE OF CRIMINAL PROCEDURE, 1973 (PAPER – 18 Q. NO. 681 TO 720)

THE COPYRIGHT ACT, 1957 (PAPER 01 Q. NO. 1 TO 7)