Question

The GST system of taxation implemented in India on:

• A. June 1, 2019
• B. July 1, 2018
• C. July 1, 2017
• D. August 15, 2018

Hint:

GST is a significant reform in India's taxation system that aimed at simplifying the tax structure.

Answer 1

The Correct Option is C

The Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India, replacing a multitude of other indirect taxes. The system was officially launched to unify the Indian market and simplify the tax structure. The correct date for the implementation of GST in India is:

• July 1, 2017

This date marked a significant shift in India's tax regime, ushering in a more streamlined approach as it replaced multiple state and central taxes with a single, unified tax. GST is considered a major step in the field of indirect tax reforms in India, to create a common national market and reduce the cascading effect of taxes on the cost of goods and services.