Correct option is A
The correct answer is: (A) Goods and Service Tax
Explanation:
The 101st Amendment of the Indian Constitution, passed in 2016 and implemented on July 1, 2017, introduced the Goods and Services Tax (GST).
The 101st Amendment of the Indian Constitution, passed in 2016 and implemented on July 1, 2017, introduced the Goods and Services Tax (GST).
This amendment replaced multiple indirect taxes with a single unified tax system, simplifying India's tax structure. The GST aims to create a common national market by eliminating tax barriers between states.
Information Booster:
- The 101st Amendment Act added Article 246A, Article 269A, and Article 279A to the Constitution.
- GST is levied at Central (CGST), State (SGST), and Integrated (IGST) levels.
- A GST Council was formed to decide tax rates, chaired by the Union Finance Minister.
- It replaced excise duty, VAT, service tax, and other indirect taxes.
- GST is based on the principle of "One Nation, One Tax, One Market."
Additional Information:
- Land boundary agreement between India and Bangladesh : Introduced by the 100th Constitutional Amendment Act (2015) to settle border disputes.
- Replacing Orissa with Odisha : Done through the 113th Constitutional Amendment Act (2011).
- Constitutional status of cooperatives : Introduced by the 97th Constitutional Amendment Act (2011), giving constitutional recognition to cooperative societies.
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