Which of the following is a feature of the Indian tax structure after the introduction of GST?
A. Multiple cascading taxes on goods
B. Unified tax on goods and services with input tax credit
C. Only central taxes without state participation
D. Complete absence of state taxes
Answer: Option B
Solution (By JKSSB Mock Tests)
GST replaced multiple cascading taxes with a unified tax on the supply of goods and services, allowing input tax credit and involving both the Centre and the States.
Explanation:
Economic planning in developing countries typically aims at accelerating growth, reducing poverty, promoting equity and modernising the economic structure.
Explanation:
Progressive income taxes automatically increase the tax burden during expansions and reduce it during contractions, stabilising disposable income without new legislation.
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