Question : The GST (goods and service tax) passed by the government will be levied on which of the following products?
Option 1: Petroleum and crude oil
Option 2: Tobacco
Option 3: Natural gas
Option 4: Aviation turbine fuel
Correct Answer: Tobacco
Solution : The correct answer is Tobacco .
The GST rate for all tobacco goods is 28%. The GSTC will suggest a date for the implementation of GST on five petroleum products (crude oil, petrol, diesel, ATF and natural gas). The Goods and Services Tax (GST) is a unified tax system that replaced several indirect taxes collected by the Central and State Governments. The Central and State Governments share the jurisdiction to impose and collect taxes on goods and services under GST.
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