1) Constitution (One Hundred and First Amendment) Act is for
a. NJAC
b. GST
c. Exchange of certain enclave territories with Bangladesh
d. Added Part-IXB - The Co-operative Societies
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Answer
Explanation
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ANSWER: GST
Explanation:
- The Constitution (One Hundred and Twenty-second Amendment) Bill, 2016, for introduction of Goods and Services tax in the country was accorded assent by the President on 8th September, 2016, and the same has been notified as the Constitution (One Hundred and First Amendment) Act, 2016.
- As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A.
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2) Which of the following is/are true regarding draft of the GST bill proposed?
1) GST will be payable on transaction value i.e. the price which does not include expense such as packing, commission, etc.
2) There are two types of GST proposed (Centre and State) instead of a single one.
a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2
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Answer
Explanation
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ANSWER: Only 2
Explanation:
- All forms of "supply" of goods and services such as sale, transfer, barter, exchange, license, rental, lease and import of services of goods and services made for a consideration will attract CGST (central levy) and SGST (state levy).
- States will draft their own State GST based on the draft model law with minor variations.
- As GST will apply on "supply", the erstwhile taxable heads such as "manufacture", "sale" and "provision of services", among others, will lose relevance.
- With GST to be applicable according to whether a transaction is "intra-state" or "inter-state", separate provisions are there to help an assessee determine the place of supply for goods and services.
- GST would be payable on "transaction value", being the price actually paid or payable, and said to include all expenses in relation to sale, such as packing and commission.
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