The one nation, one tax initiative in India refers to:
Show answer & explanation
Correct answer: C
Explanation
Correct Answer:
Goods and Services Tax (GST)
Explanation:
The “One Nation, One Tax” initiative in India refers to the Goods and Services Tax (GST). It aims to create a unified indirect tax system across the country by replacing multiple central and state taxes.
GST simplifies the tax structure, improves transparency, and promotes a common national market by integrating various indirect taxes into a single system.
Key Points:
GST is known as “One Nation, One Tax.”
It is an integrated indirect tax system.
It replaced multiple older taxes.
It simplifies and unifies the tax structure.
Additional Facts:
GST was implemented in India on 1 July 2017.
It applies to both goods and services.
It includes CGST, SGST, and IGST components.
Important Questions:
Q1: When was GST implemented in India?
Ans: 1 July 2017
Q2: What type of tax is GST?
Ans: Indirect tax
Q3: What is the main objective of GST?
Ans: To create a unified tax system