Macro

Government Budget

Easy

Goods and Services Tax became operational in the year:

2016

2018

2017

2014

✅ Correct Option: 3

Option 1: 2016 -> GST was not yet operational; it was still in the planning and legislative phase.

Option 2: 2018 -> GST had already been implemented by this year.

Option 3: 2017 -> GST was launched on July 1, 2017.

Option 4: 2014 -> GST was not operational; it was still under discussion.

Hence, Option 3: 2017 -> The Goods and Services Tax (GST) became operational in India on July 1, 2017, replacing multiple indirect taxes levied by the central and state governments. It was launched at a midnight event in the Central Hall of Parliament, marking a significant tax reform in India's economic history. -> correct

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(A) Interest received from abroad	(I) revenue expenditure
(B) Partial repayment of loan	(II) capital expenditure
(C) Selling of equity of PSUs by the government	(III) revenue receipt
(D) Salaries given to government employees	(IV) capital receipt

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Goods and Services Tax became operational in the year:

Solution

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