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Which of the following is a key feature of the 'Goods and Services Tax (GST)' im

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Question: Which of the following is a key feature of the \'Goods and Services Tax (GST)\' implemented in India?

Options:

  1. It is a single tax on the supply of goods and services.
  2. It allows for multiple tax rates based on the type of goods.
  3. It is applicable only to goods and not services.
  4. It is levied by the state governments only.

Correct Answer: It is a single tax on the supply of goods and services.

Solution: 

GST is designed as a single tax on the supply of goods and services, simplifying the tax structure.

Which of the following is a key feature of the 'Goods and Services Tax (GST)' im

Practice Questions

Q1
Which of the following is a key feature of the 'Goods and Services Tax (GST)' implemented in India?
  1. It is a single tax on the supply of goods and services.
  2. It allows for multiple tax rates based on the type of goods.
  3. It is applicable only to goods and not services.
  4. It is levied by the state governments only.

Questions & Step-by-Step Solutions

Which of the following is a key feature of the 'Goods and Services Tax (GST)' implemented in India?
  • Step 1: Understand that GST stands for Goods and Services Tax.
  • Step 2: Know that GST is a tax applied to the sale of goods and services.
  • Step 3: Realize that GST combines multiple taxes into one single tax.
  • Step 4: Recognize that this simplification makes it easier for businesses to manage taxes.
  • Step 5: Conclude that a key feature of GST is that it is a single tax on the supply of goods and services.
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