The Goods and Services Tax Act, expected to create "One Nation, One Tax and One Market", came into effect in which year?
The Goods and Services Tax Act, expected to create "One Nation, One Tax and One Market", came into effect in which year?
Solution
Option 1 -> 2013 was when the GST Bill was initially introduced in Parliament, but it did not come into effect this year.
Option 2 -> 2015 saw continued discussions and debates on GST in Parliament, but implementation had not yet occurred.
Option 3 -> 2017 is when the GST Act was officially implemented on July 1st, creating a unified indirect tax system across India.
Option 4 -> 2019 is after GST implementation; by this time, the tax system was already operational for two years.
Hence, Option 3 (2017) -> The Goods and Services Tax Act came into effect on July 1, 2017, replacing multiple indirect taxes and creating a unified tax structure across India, fulfilling the vision of "One Nation, One Tax and One Market" -> correct
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