Date: 29/09/2022 Shift: 2:00 PM – 3:00 PM Q. No: 43

Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. The Goods and Services Tax was launched at midnight on 1 July 2017. This tax replaced multiple cascading taxes levied by the central and state governments. Goods and Services Tax are divided into five tax slabs for collection of tax – 0%, 5%, 12%, 18% and 28%.
The Single GST replaced former taxes and levies which included central excise duty, services tax, additional customs duty, surcharges and state-level value added tax octroi.