2017 · Q51
Which one of the following statements is correct in relation to the GST Bill passed by the Rajya Sabha in August 2016 ?
General KnowledgeIndian Economy
- AIt will replace all central taxes, duties, etc., only by a single tax.
- BIt will subsume central as well as State taxes, duties, etc.
- CGST will be levied on alcoholic liquor for human consumption at a uniform rate of 25 percent.
- DPetroleum and petroleum products shall not be subjected to the levy of GST.
Explanation
The GST Bill (passed by the Rajya Sabha in August 2016) subsumes both central and state indirect taxes into a single tax. Alcohol for human consumption and petroleum products were kept outside GST, and GST was never a flat 25% levy on liquor. Hence B.