Which one of the following items isnotcovered under GST?
Petrol
Understanding GST Coverage on Various Items
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services across India. It has largely replaced many indirect taxes previously levied by the central and state governments. However, certain items are kept outside the purview of GST, either temporarily or permanently.
Analyzing Each Option for GST Coverage
Let's examine whether each of the given items falls under the GST regime:
- Cosmetics: Cosmetics are generally considered luxury or non-essential goods and are typically covered under the Goods and Services Tax (GST) framework. They fall under various GST rate slabs depending on the specific product type.
- Medical grade oxygen: Medical supplies, including medical grade oxygen, are important for healthcare. While some medical items might have concessional GST rates, they are still covered under the GST law. During health emergencies, rates on essential medical supplies like oxygen have sometimes been reduced, but the tax structure itself is GST.
- Jewellery: Gold, silver, and other precious metal jewellery, as well as precious stones, are taxable under Goods and Services Tax (GST). There is GST applicable on the value of the jewellery.
- Petrol: Petroleum products, specifically petrol, diesel, natural gas, aviation turbine fuel, and crude oil, are currently kept outside the ambit of the Goods and Services Tax (GST) in India. These products continue to be taxed under the old tax system, primarily through excise duty levied by the Central Government and Value Added Tax (VAT) levied by State Governments.
Based on this analysis, petrol is the item among the options provided that is not covered under the Goods and Services Tax (GST).
| Item | Covered Under GST? |
|---|---|
| Cosmetics | Yes |
| Medical grade oxygen | Yes |
| Jewellery | Yes |
| Petrol | No |
Conclusion: Item Not Covered Under GST
Reviewing the options, it is clear that Cosmetics, Medical grade oxygen, and Jewellery are all included within the Goods and Services Tax (GST) system, although their specific rates may vary. Petrol, however, remains outside the Goods and Services Tax (GST) framework and is subject to separate taxes like excise duty and VAT.
Therefore, the item not covered under GST among the given options is Petrol.
Revision Table: Key GST Concepts
| Concept | Explanation |
|---|---|
| What is GST? | Goods and Services Tax, a single indirect tax on the supply of goods and services. |
| Items Under GST | Most goods and services are covered, with varying tax rates (e.g., Cosmetics, Jewellery). |
| Items Outside GST | Certain items like petroleum products (petrol, diesel), alcohol for human consumption, etc., are currently excluded. |
| Tax on Petroleum | Currently taxed by Central Excise Duty and State VAT, not GST. |
Additional Information on GST Exclusions
While the question specifically asks about the given options, it's useful to know that other items are also temporarily or permanently kept outside the purview of Goods and Services Tax (GST) or are zero-rated/exempt.
- Alcohol for human consumption: State governments retain the power to tax alcoholic liquor for human consumption. It is outside GST.
- Electricity: While not listed in the options, electricity duty is levied by state governments and is outside the scope of GST.
- Specific food items: Unbranded food grains, fresh fruits, and vegetables are often exempted from GST.
- Basic services: Certain basic services like healthcare (excluding specific cosmetic/plastic surgery), educational services, etc., are often exempted or have a zero rate.
The exclusion of petrol and other petroleum products from Goods and Services Tax (GST) is a significant aspect of the Indian tax structure, leading to different taxation methods for these items compared to most other goods.
Similar Questions
Which of the following statement(s) are true with respect to the concept of ‘EFFICIENCY’ as used in mainstream economics?
1. Efficiency occurs when no possible organization of production can make anyone better off without making someone else worse off.
Select the correct answer using the code given below:
2. An economy is clearly inefficient if it is inside the Production Possibility Frontier (PPF).
3. At a minimum, an efficient economy is on its Production Possibility Frontier (PPF).
4. The terms such as ‘Pareto Efficiency’, ‘Pareto Optimality’ and ‘Allocative Efficiency’ are all essentially one and the same which denotes ‘efficiency in resource allocation’.Which one of the following statements with regard to economic models is not correct?
'Sub-prime crisis' is a term associated with which one of the following events?
The situation where the equilibrium level of real GDP falls short of potential GDP is known as _________.
Which one of the following equals Personal Disposable Income ?
The working of the price mechanism in a free-market economy refers to which one of the following?
Indexation is a method whose use can be associated with which one of the following ?
Who among the following has given the concept of Human Development?
Capital deepening refers to
Which one of the following statements is not correct ?
Important Questions from National Income Accounting
- A Giffen good exhibits an upward-sloping demand curve, a unique characteristic where the Law of Demand is violated. This phenomenon primarily arises when the negative income effect of a price change is so substantial that it outweighs the substitution effect. Based on this, which statement correctly describes the nature of the overall price effect and the income effect for a Giffen good?
In the context of Indian economy, consider the following statements:
1) The growth rate of GDP has steadily increased in the last five years.
2) The growth rate in per capita income has steadily increased in the last five years.
Which of the statements given above is/are correct?
The national income of a country for a given period is equal to the
Which of the following Institutions estimate the national income of India?
During a recession when GDP falls, disposable income _______.
