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Q:

Which of the following Constitutional Amendment Act is related to 'Goods and Services Tax"?

  • 1
    101st Amendment Act, 2016
  • 2
    102nd Amendment Act, 2016
  • 3
    103rd Amendment Act, 2019
  • 4
    104th Amendment Act, 2020
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Answer : 1. "101st Amendment Act, 2016"
Explanation :

1. The 101st Constitutional Amendment of 2016 is the most far-reaching change from a fiscal perspective since the formation of the first Finance Commission in 1951, providing concurrent powers to the Center and the states in the matter of indirect taxation.

2. This amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017.

3. GST is based on a concurrent system of indirect taxes, where central and state GST is imposed on every transaction.

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