Goods and Services Tax — Prelims Questions

Which of the following statements about the Goods and Services Tax (GST) Council is/are correct? 1. The Union Finance Minister is the Chairperson of the GST Council. 2. The recommendations of the GST Council are legally binding on the Union and State Legislatures. 3. Decisions in the GST Council require a three-fourths majority of the weighted votes of the members present and voting. Select the correct answer using the code given below:

Which of the following taxes was/were NOT subsumed under the Goods and Services Tax (GST) in India? 1. Central Excise Duty 2. Service Tax 3. Basic Customs Duty 4. Value Added Tax (VAT) Select the correct answer using the code given below:

Consider the following statements regarding the Input Tax Credit (ITC) mechanism under GST: 1. ITC can be claimed on all goods and services purchased by a registered person, without any exceptions. 2. ITC on inter-state purchases (IGST) can be utilized against IGST, then CGST, and then SGST/UTGST, in that order. 3. ITC cannot be claimed after the due date for filing the annual return for the financial year to which the invoice pertains. Which of the statements given above is/are correct?

Which of the following is the primary objective of the Goods and Services Tax (GST) in India?

Regarding the GST Compensation Cess, consider the following statements: 1. It was introduced to compensate states for revenue losses arising from GST implementation. 2. It is levied on all goods and services under the GST regime. 3. The compensation period was initially fixed for ten years from the GST rollout. Which of the statements given above is/are correct?