Out of the following, which are not the features of GST 2017 in India? I. GST is applicable on supply…
Statements II and V are not features of India's Goods and Services Tax (GST) regime: GST is a destination-based consumption tax rather than an origin-based tax (making II…
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Out of the following, which are not the features of GST 2017 in India?
I. GST is applicable on supply of Goods and Services.
II. GST is based on the principle of origin-based taxation rather than principle of destination based consumption.
III. Import of Goods is treated as Inter-state supplies and would be subject to IGST in addition to applicable Custom duties.
IV. It is a dual taxation with Centre and State simultaneously levying it on a common base. V. GST is applicable to all Goods and Services without any exemptions
Answer and explanation
Correct answer C
Statements II and V are not features of India's Goods and Services Tax (GST) regime: GST is a destination-based consumption tax rather than an origin-based tax (making II false), and GST does not apply to all goods and services without exemptions—items like alcoholic liquor for human consumption, five specified petroleum products, and statutory exempt supplies are outside or exempt from GST (making V false).
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UGC NET Commerce