GyanGramWhat is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’? 1. It will replace mul…
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What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’?
1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India.
2. It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves.
3. It will enormously increase the growth and size of the economy of India and will enable it to overtake China in the near future.
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• Correct Answer: A
• GST replaced multiple central and state indirect taxes (VAT, excise, service tax) to create a unified national market.
• It does not drastically reduce the Current Account Deficit or guarantee overtaking China in the near future.
• Statements 2 and 3 are exaggerated and incorrect.
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