Which of the following has amalgamated a large number of central and state taxes and cesses?
Answer
The correct answer is A: Goods and Services Tax. The Goods and Services Tax (GST), introduced in India in July 2017, subsumed multiple central and state taxes including VAT, service tax, excise duty, and various cesses into a single unified tax structure.
A.Goods and Services Tax✓ Correct
B.Corporate tax
C.Minimum Alternate tax
D.Customs duty
Explanation
The Goods and Services Tax (GST), introduced in India in July 2017, subsumed multiple central and state taxes including VAT, service tax, excise duty, and various cesses into a single unified tax structure.
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