On which date was the Goods and Services Tax (GST) implemented in India?
On which date was the Goods and Services Tax (GST) implemented in India?
भारत में वस्तु एवं सेवा कर (GST)किस तिथि को लागू किया गया?
Detailed Solution & Logic
Correct Answer:
1 July 2017/1 जुलाई 2017
The Goods and Services Tax (GST) was implemented in India on 1st July 2017.
GST is a comprehensive indirect tax that replaced multiple indirect taxes like VAT, Service Tax, Excise Duty, etc.
It is based on the principle of “One Nation, One Tax, One Market”.
GST is levied on the supply of goods and services and is collected at each stage of the supply chain, with credit for the tax paid at the previous stage.
Therefore, the GST was officially launched and came into effect on 1st July 2017.
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