Question

Which of the following statements is not true regarding the benefit of GST?

Options

• GST provides comprehensive and wider coverage of input credit set-off, you can use service tax credit for the payment of tax on sale of goods, etc

• All indirect taxes in state and central level have been included by GST.

• Uniformity of tax rates across the states.

• Ensure better compliance due to aggregate tax rate reduction.

Answer 1

All indirect taxes at the state and central levels have been included by GST.

Explanation:

Monopolistic market characteristics include

1. consumption-based taxes
2. a single tax rate applied across the country
3. no tax on tax;
4. a simplified taxing process