Economics • Indian EconomyMedium
Analyze the structural nature of the 'Goods and Services Tax' implemented in India. Which of the following taxes was subsumed under the GST framework?
A. Basic customs duty levied on imported electronic goods
B. Central excise duty and state level value added tax on intra state supply of goods✓ Correct Answer
C. Corporate income tax collected from domestic manufacturing companies
D. Stamp duty levied on immovable property registration transactions
💡 Solution & Explanation
Goods and Services Tax subsumed multiple indirect taxes including central excise duty, service tax, state value added tax, luxury tax, and entry tax into a unified destination based tax structure. Basic customs duty on imports and stamp duties on real estate transactions remain outside the GST ambit. Corporate income tax is a direct tax governed by the Income Tax Act. Constitutional Amendment Act 101 of 2016 paved the way for this landmark indirect tax reform.
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