Correct option is C
The correct answer is: (C) GST
Explanation:
The Arvind Subramanian Committee was formed in 2015 to examine the Revenue Neutral Rate (RNR) and structure of the Goods and Services Tax (GST) in India.
The Arvind Subramanian Committee was formed in 2015 to examine the Revenue Neutral Rate (RNR) and structure of the Goods and Services Tax (GST) in India.
The committee, headed by former Chief Economic Advisor (CEA) Arvind Subramanian, recommended a standard GST rate between 15-15.5%
and highlighted the importance of a simple and efficient tax structure to boost economic growth.
Information Booster:
Additional Information:
- The committee suggested four GST tax rates: Standard, Lower, Higher, and Special.
- It emphasized reducing exemptions to widen the tax base.
- The Revenue Neutral Rate (RNR) was recommended to ensure states do not lose revenue.
- The report influenced the final GST framework implemented in 2017.
- GST replaced multiple indirect taxes like VAT, excise duty, and service tax.
- Rural credits: Related to agricultural financing and NABARD.
- Mining policy: Falls under the domain of the MMDR Act and NITI Aayog.
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