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 uniform tax system across the country by replacing multiple indirect taxes levied by the Centre and States with a single, integrated tax structure.
Key Points:
GST is an indirect tax system
It was implemented on 1 July 2017
It replaced multiple earlier indirect taxes
Its goal is a unified national tax structure
Additional Facts:
GST was introduced through the 101st Constitutional Amendment Act, 2016
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 objective of GST?
Ans: To create a unified tax system across India