| Consider the following statements. |
| 1. As India implements Goods and Services Tax (GST), it may be appropriate to calculate National |
| Income at current prices. |
| 2. Developed nations generally calculate their National Income at market cost at current prices as they have a uniform taxation regime. |
| Which of the statements] given above is/are correct? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither1nor 2
Correct Answer: D
Solution :
[d] GST is a v & value added tax to be implemented in India, the decision. It will replace the indirect taxation levied on goods and services by the Central and State Governments. The aim of GST is to make it very comprehensive for most of the goods and services. Exports will be zero-rated and imports will be levied the same taxes as domestic goods and services adhering to the destination principle.
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