Which ministry of Government of India has published Goods and Service Tax (GST) Act, 2017 ?

Question

Question

This question was previously asked in

NTPC CBT-I (Held On: 9 Jan 2021 Shift 1)

Answer 1

The correct answer is Ministry of Law and Justice.

Key Points

Goods and Services Tax (GST) is an indirect tax used in India on the manufacture, sale, and consumption of goods and services in India.
The Goods and Service Tax (GST) Act, 2017 was published by the Ministry of Law and Justice.
- The Ministry of Law and Justice is responsible for the management of the legal affairs, legislative activities and administration of justice in India.
- As of November 2021, Kiren Rijiju is the minister responsible for Minister of Law and Justice
- Child agencies of the Ministry of Law and Justice are:
  - Department of legal affairs.
  - Legislative Department.
  - Department of justice.

Important Points

The Constitution Amendment Bill on GST was ratified by 18 states in August 2016, and President Pranab Mukherjee signed it.
On March 27, 2017, the Goods and Services Tax Bill, 2017 was introduced in the Lok Sabha.
In India, the Goods and Services Tax (GST) went into effect on July 1, 2017.
GST was passed as the 101st Amendment act.
On April 12th, 2017, the President of India signed the Central GST Law.
It substituted all indirect tax on the manufacture, sale, and consumption of goods and services throughout India.

Additional Information

The state of Assam was the first to approve the GST bill.
Odisha is the 16th state to vote in favour of the GST bill.
GST implementation needs the assent of 16 states.
One Nation, One Tax, One Market is the GST tagline.
There are no hidden taxes because the Goods and Services Tax is not an expense for retail merchants.
GST resolved disputes related to the classification of goods and services.
Under GST present goods and services are taxed at 0%, 5%, 12%, 18% & 28%.