JKSSB Written 2022
Answer & Explanation
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Correct Answer:
Option B —
1st July 2017
The Goods and Services Tax (GST) was launched at midnight on July 1, 2017, in a historic ceremony at the Central Hall of Parliament. It replaced a complex web of indirect taxes like Excise Duty, VAT, and Service Tax with a "One Nation, One Tax" system.Key Facts About GST Implementation:
Constitutional Amendment: It was introduced via the 101st Amendment Act, 2016.
The "Father" of GST in India: While the concept was proposed much earlier, the implementation is largely attributed to the efforts of the then-Finance Minister, Arun Jaitley.
Structure: GST is a destination-based tax on the consumption of goods and services. It is divided into:
CGST: Collected by the Central Government on intra-state sales.
SGST: Collected by State Governments on intra-state sales.
IGST: Collected by the Center on inter-state sales and imports.
Why the other options are incorrect:
A, C, and D: These dates are incorrect as the tax was already functional by then. July 1st is now officially celebrated annually as GST Day in India to commemorate the 2017 launch.
Answer verified by Quintessence Classes faculty — Karan Nagar, Srinagar.