In light of the GST Act, which of the following statements are true ?
- GST is to be levied on supply of goods or services.
- All transactions and processes would be only through electronic mode
- Cross utilization of goods and services will be allowed.
Which of the following products are outside the purview of GST?
1.Alcohol for human consumption
2.Electricity
3.Medicines
Choose the correct option
Which of the following taxes are abolished by the Goods and Services Tax.
i.Property tax
ii.Corporation tax
iii.VAT
iv.All of the above
What are the proposed benefits of GST?
1.Overall reduction in prices for consumers.
2.Reduction in multiplicity of taxes, cascading and double taxation.
3.Decrease in ‘black’ transactions.
Choose the correct option.