______ was an Act passed to make a provision for levy and collection of tax on intra-State supply of goods or services.

The correct answer is Option 1. 

Key Points

• The Central Goods and Services Tax Act (CGST Act) is an act that was passed in India to provide a framework for the levy and collection of tax on intra-State supply of goods or services.
• It is a key component of the Goods and Services Tax (GST) regime in India, which is a comprehensive indirect tax system implemented to replace multiple indirect taxes levied by the central and state governments.
• The CGST Act was enacted by the Parliament of India and came into effect on July 1, 2017.
• It is one of the four legislations that together form the GST laws in India, the other three being the Integrated Goods and Services Tax (IGST) Act, the Union Territory Goods and Services Tax (UTGST) Act, and the Goods and Services Tax Compensation to States Act.

Additional Information

•  Key features of the CGST Act include:
  • Registration: The Act mandates that businesses engaged in the supply of goods or services above a specified threshold need to register under GST. 
  • Levy and Collection of Tax: The CGST Act lays down provisions for the levy and collection of tax on the intra-State supply of goods and services. 
  • Input Tax Credit: The Act allows registered businesses to claim input tax credit for the tax paid on inputs used in the course of business. 
  • Filing of Returns: The CGST Act prescribes the procedure for filing periodic returns by registered taxpayers. 
  • Assessment and Audit: The Act empowers tax authorities to conduct audits and assessments to ensure compliance with GST provisions.