In which year was GST implemented in India?

Correct option is C

Correct Answer:(C) 2017

Explanation:
Goods and Services Tax (GST) was implemented in India on July 1, 2017. It replaced multiple indirect taxes previously levied by the central and state governments, such as VAT, excise duty, and service tax. The introduction of GST aimed to simplify the tax structure and create a unified tax system across the country, enhancing economic efficiency and promoting business growth.

Information Booster:

• GST is a single tax system that applies to all goods and services sold in India.

• It has three components: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax for inter-state transactions).

• The implementation of GST was a significant economic reform in India and aimed at eliminating cascading taxes.

• It helped in creating a unified market, reducing tax evasion and bringing transparency to the tax system.

• GST has streamlined the taxation process, simplifying compliance for businesses.