Which of the following is a Central level tax subsumed by the Goods and Services Tax (GST)?

Question

Question

This question was previously asked in

SSC GD 10 Dec 2021 Shift 1 (Official Paper)

Answer 1

The correct answer is Excise duty.Key Points

Excise duty is a tax imposed on goods for their production, licensing, and sale, Excise duty is an indirect tax.
Central excise duty is a tax that is charged on such excisable goods that are manufactured in India and are meant for domestic consumption.
It is mandatory to pay Central Excise duty payable on the goods manufactured unless exempted.
Excise duty is the opposite of Customs duty.
The Goods and Services Tax (GST) subsumed many types of excise duty.
The union excise duties form the most significant part of the central taxes.

Additional Information

Goods and Service Tax (GST).
- GST is an indirect tax used in India on the supply of goods and services.
- It is a value-added tax levied on most goods and services sold for domestic consumption.
- GST was passed as the 101st Amendment Act of 2016.
- GST was launched in India on 1 July 2017 as a comprehensive indirect tax for the entire country.
- The four basic rate structures of GST are 5%. 12%, 18% and 28%.
- The GST Council headed by the Union Finance Minister is the governing and key decision-making body for GST.
- India has chosen the Canadian model of dual GST.
- The first country to introduce GST: was France in 1954.