Which of the following statements about GST is/are correct? 1. It is a destination-based consumption tax. 2. It subsumes all central and state indirect taxes. 3. Petroleum products are presently outside GST. 4. The GST Council is a constitutional body. MCQ with Answer and Explanation
Which of the following statements about GST is/are correct? 1. It is a destination-based consumption tax. 2. It subsumes all central and state indirect taxes. 3. Petroleum products are presently outside GST. 4. The GST Council is a constitutional body.
A. 1, 3 and 4
B. All of the above
C. 1, 2 and 3
D. 2, 3 and 4
Answer: Option A
Solution (By JKSSB Mock Tests)
Statement 2 is incorrect because some taxes like basic customs duty, stamp duty are not subsumed. 1, 3, 4 are correct.
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