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GS Paper: GS3

  • Building a resilient economy

    Context

    To revive and sustain growth, action is needed both at the international and national levels.

    Hopes of V-shaped recovery of Indian economy

    • The National Statistical Office (NSO) had recently estimated that India’s economic growth has surged to 20.1% in the April-June quarter.
    • In its recently launched Trade and Development Report 2021, UNCTAD has estimated global growth to hit 5.3% in 2021 and growth in India to hit 7.2%.
    • According to the report, India showed strong quarterly growth of 1.9% in the first quarter of 2021, on the back of the momentum of the second half of 2020 and supported by government spending in goods and services.
    • Given the inherent fragilities, India’s growth in 2021 as a whole is estimated at 7.2%, which is one of the fastest compared to most countries in the analysis.
    • But it is still not sufficient to regain the pre-COVID-19 income level.
    • However, going forward, the economy is likely to experience a deceleration of growth to 6.7% growth in 2022.

    Ways to sustain growth

    1) Efforts at the International level

    • To revive and sustain growth, action is needed both at the international and national levels.
    • TRIPS waiver: The report strongly supports India’s proposed temporary suspension of the World Trade Organization TRIPS waiver.
    • Waiver is considered as a necessary step to enable the local manufacture of vaccines in developing countries

    2) Steps to be taken at the national level

    • Resilience: At the national level, COVID-19 has reinforced the idea that resilience is a public good and responsibility of the state.
    • It has to be delivered through a robust public sector with the resources to make the necessary investments, provide the complementary services and coordinate the multiple activities that building resilience involves.
    • Mobilising financial resources: We need a financial system that accords a more significant role to public banks, breaks up and guards against the emergence of megabanks, and exercises stronger regulatory oversight is more likely to deliver a healthier investment climate.
    • Minimum wage:  Wages are a critical source of demand and their growth can stimulate productivity and underpin a strong social contract.
    • Minimum wages and related labour legislation are needed for appropriate protection against abusive practices.
    • Policies for informal sector: Policies targeting informality are of particular importance, especially for a country like India with a large informal economy.

    Conclusion

    It is important to build a healthy, diversified economy. For this, a strong industrial policy focusing on building digital capacities is needed. A resilient economy goes beyond offering a residual category of safety nets designed to stop those left behind from falling further.

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  • Government sets up ‘bad bank’ to clear the NPA mess

    Paving the way for a major clean-up of bad loans in the banking system, the Union Cabinet has cleared a â‚č30,600-crore guarantee programme for securities to be issued by the newly incorporated ‘bad bank’ for taking over and resolving non-performing assets (NPAs) amounting to â‚č2 lakh crore.

    What is a Bad Bank?

    • A bad bank conveys the impression that it will function as a bank but has bad assets to start with.
    • Technically, it is an asset reconstruction company (ARC) or an asset management company that takes over the bad loans of commercial banks, manages them and finally recovers the money over a period of time.
    • Such a bank is not involved in lending and taking deposits, but helps commercial banks clean up their balance sheets and resolve bad loans.
    • The takeover of bad loans is normally below the book value of the loan and the bad bank tries to recover as much as possible subsequently.

    Bad Banks to be established

    • The NARCL-IDRCL structure is the new bad bank.
    • The National Asset Reconstruction Company Limited (NARCL) has already been incorporated under the Companies Act.
    • It will acquire stressed assets worth about Rs 2 lakh crore from various commercial banks in different phases.
    • Another entity — India Debt Resolution Company Ltd (IDRCL), which has also been set up — will then try to sell the stressed assets in the market.

    How will the NARCL-IDRCL work?

    • The NARCL will first purchase bad loans from banks.
    • It will pay 15% of the agreed price in cash and the remaining 85% will be in the form of “Security Receipts”.
    • When the assets are sold, with the help of IDRCL, , the commercial banks will be paid back the rest.
    • If the bad bank is unable to sell the bad loan, or has to sell it at a loss, then the government guarantee will be invoked.
    • The difference between what the commercial bank was supposed to get and what the bad bank was able to raise will be paid from the Rs 30,600 crore that has been provided by the government.

    Will a bad bank resolve matters?

    • From the perspective of a commercial bank saddled with high NPA levels, it will help.
    • That’s because such a bank will get rid of all its toxic assets, which were eating up its profits, in one quick move.
    • When the recovery money is paid back, it will further improve the bank’s position.
    • Meanwhile, it can start lending again.

    Why do we need a bad bank?

    • The idea gained currency during Rajan’s tenure as RBI Governor.
    • The RBI had then initiated an asset quality review (AQR) of banks and found that several banks had suppressed or hidden bad loans to show a healthy balance sheet.
    • However, the idea remained on paper amid lack of consensus on the efficacy of such an institution.
    • ARCs have not made any impact in resolving bad loans due to many procedural issues.
    • While commercial banks resume lending, the so-called bad bank, or a bank of bad loans, would try to sell these “assets” in the market.

    Good about the bad banks

    • The problem of NPAs continues in the banking sector, especially among the weaker banks.
    • The bad bank concept is in some ways similar to an ARC but is funded by the government initially, with banks and other investors co-investing in due course.
    • The presence of the government is seen as a means to speed up the clean-up process.
    • Many other countries had set up institutional mechanisms such as the Troubled Asset Relief Programme (TARP) in the US to deal with a problem of stress in the financial system.

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  • Mura-Drava-Danube (MDD) Biosphere Reserve

    UNESCO has designated Mura-Drava-Danube (MDD) as the world’s first ‘five-country biosphere reserve’.

    About Mura-Drava-Danube BR

    • The biosphere reserve covers 700 kilometres of the Mura, Drava and Danube rivers and stretches across Austria, Slovenia, Croatia, Hungary and Serbia.
    • The total area of the reserve — a million hectares — in the so-called ‘Amazon of Europe’, makes it the largest riverine protected area on the continent.
    • The reserve is home to floodplain forests, gravel and sand banks, river islands, oxbows and meadows.
    • It is home to continental Europe’s highest density of breeding white-tailed eagle (more than 150 pairs), as well as endangered species such as the little tern, black stork, otters, beavers and sturgeons.
    • It is also an important annual resting and feeding place for more than 250,000 migratory birds, according to WWF.
    • Almost 900,000 people live in the biosphere reserve. (UPSC may ask if it is uninhabited.)

    Significance of this BR

    • The new reserve represented an important contribution to the European Green Deal and contributes to the implementation of the EU Biodiversity Strategy in the Mura-Drava-Danube region.
    • The strategy’s aim is to revitalize 25,000 km of rivers and protect 30 per cent of the European Union’s land area by 2030.
    • The declaration as BR puts river revitalization, sustainable business practices enhancing cross-border cooperation into focus.

    Ignore at your own risk! Its better to correct it here itself.

    Such PYQs are ought to repeat any number of times in UPSC CSE.

    Q. Consider the following statements:

    1. The boundaries of a National Park are defined by legislation.
    2. A Biosphere Reserve is declared to conserve a few specific species of flora and fauna.
    3. In a Wildlife Sanctuary, limited biotic interference is permitted.

    Which of the above statements is/are correct?

    (a) 1 only

    (b) 2 and 3 only

    (c) 1 and 3 only

    (d) 1, 2 and 3

     

    [wpdiscuz-feedback id=”crefywlmtc” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

    Back2Basics: UNESCO Biosphere Reserves

    • Biosphere reserves are ‘learning places for sustainable development’.
    • They are nominated by national governments and remain under the sovereign jurisdiction of the states where they are located.
    • They are designated under the intergovernmental MAB Programme by the Director-General of UNESCO following the decisions of the MAB International Coordinating Council (MAB ICC).
    • Their status is internationally recognized. Member States can submit sites through the designation process.
    • Biosphere reserves include terrestrial, marine and coastal ecosystems.

    They integrate three main “functions”:

    1. Conservation of biodiversity and cultural diversity
    2. Economic development that is socio-culturally and environmentally sustainable
    3. Logistic support, underpinning development through research, monitoring, education and training

    (a) Core Areas

    It comprises a strictly protected zone that contributes to the conservation of landscapes, ecosystems, species and genetic variation

    (b) Buffer Zones

    It surrounds or adjoins the core area(s), and is used for activities compatible with sound ecological practices that can reinforce scientific research, monitoring, training and education.

    (c) Transition Area

    The transition area is where communities foster socio-culturally and ecologically sustainable economic and human activities.

    UNESCO recognized BRs in India

    Year of

    recognition

    Name

    States
    2000 Nilgiri Biosphere Reserve Tamil Nadu
    2001 Gulf of Mannar Biosphere Reserve Tamil Nadu
    2001 Sundarbans Biosphere Reserve West Bengal
    2004 Nanda Devi Biosphere Reserve Uttarakhand
    2009 Pachmarhi Biosphere Reserve Madhya Pradesh
    2009 Nokrek Biosphere Reserve Meghalaya
    2009 Simlipal Biosphere Reserve Odisha
    2012 Achanakmar-Amarkantak Biosphere Reserve Chhattisgarh
    2013 Great Nicobar Biosphere Reserve Great Nicobar
    2016 Agasthyamala Biosphere Reserve Kerala and Tamil Nadu
    2018 Kanchenjunga Biosphere Reserve Part of North and West Sikkim districts
    2020 Panna Biosphere Reserve Madhya Pradesh

     

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  • [pib] PLI Scheme for White Goods

    A total of  52 companies have filed their application with a committed investment of Rs 5,866 crore under the PLI scheme to incentivize the domestic manufacturing of components of White Goods.

    What are White Goods?

    • White goods refer to heavy consumer durables or large home appliances, which were traditionally available only in white.
    • They include appliances such as washing machines, air conditioners, stoves, refrigerators, etc. The white goods industry in India is highly concentrated.

    Why PLI scheme for white goods?

    • Indian appliance and consumer electronics (ACE) market reached INR 76,400 crore (~$10.93 bn) in 2019.
    • Appliances and consumer electronics industry is expected to double to reach INR 1.48 lakh crore (~$21.18 bn) by 2025.
    • The PLI Scheme on White Goods is designed to create complete component ecosystem for Air Conditioners and LED Lights Industry in India and make India an integral part of the global supply chains.
    • Only manufacturing of components of ACs and LED Lights will be incentivized under the Scheme.

    What is PLI Scheme?

    • As the name suggests, the scheme provides incentives to companies for enhancing their domestic manufacturing apart from focusing on reducing import bills and improving the cost competitiveness of local goods.
    • PLI scheme offers incentives on incremental sales for products manufactured in India.
    • The scheme for respective sectors has to be implemented by the concerned ministries and departments.

    Criteria laid for the scheme

    • Eligibility criteria for businesses under the PLI scheme vary based on the sector approved under the scheme.
    • For instance, the eligibility for telecom units is subject to the achievement of a minimum threshold of cumulative incremental investment and incremental sales of manufactured goods.
    • The minimum investment threshold for MSME is Rs 10 crore and Rs 100 crores for others.
    • Under food processing, SMEs and others must hold over 50 per cent of the stock of their subsidiaries, if any.
    • On the other hand, for businesses under pharmaceuticals, the project has to be a greenfield project while the net worth of the company should not be less than 30 per cent of the total committed investment.

    What are the incentives offered?

    • An incentive of 4-6 per cent was offered last year on mobile and electronic components manufacturers such as resistors, transistors, diodes, etc.
    • Similarly, 10 percent incentives were offered for six years (FY22-27) of the scheme for the food processing industry.
    • For white goods too, the incentive of 4-6 per cent on incremental sales of goods manufactured in India for a period of five years was offered to companies engaged in the manufacturing of air conditioners and LED lights.

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  • How not to deal with recession

    Context

    The Centre is facing a serious financial crisis because of the exigencies created by the pandemic and its own policies. However, monetising assets and cutting down funds to states could aggravate the crisis.

    3 Policies aggravating the crisis

    1) NMP and disinvestment

    • Union Finance Minister, while announcing the National Monetisation Pipeline (NMP), said that asset monetisation is based on the philosophy of creation through monetisation and is aimed at “tapping private sector investment for new infrastructure creation”.
    • Loss of dividend: Disinvestment of profitable Navratna companies will result in a loss of dividend, a major source of income for the Centre.
    • Loss due to tax exemptions: Tax exemptions to the investors will take away another major share of income.
    • Central funds will be squeezed and this, in turn, will have a bearing on state finances.
    • NMP will seriously hurt the interests of the country.

    2) Cutting down funds to States

    • Kerala’s case: The state was getting about 3.92 per cent from the divisible pool in the 1970s and 1980s.
    • It came down to 2.66 per cent and 2.34 per cent in the awards of the 12th and 13th Finance Commissions.
    • The 14th Finance Commission award increased it to 2.45 (2.50) per cent.
    • Now, the 15th Finance Commission has reduced it to 1.92 per cent.
    • This arbitrary cut is a result of the adoption of certain new yardsticks by the commission without considering the state government’s views
    • The 15th Finance Commission’s special grant (RD grant) of Rs 19,800 crore for this year will no longer be available in the coming years.
    • Karnataka and many other states have also suffered because of the policy to reduce the divisible pool share.

    3) Tax exemptions and surcharge

    • Exemptions amounting to Rs 99,842.06 crore were extended to corporate houses in 2019-20.
    • Many taxes on goods were reduced because of electoral compulsions. This reduced central revenues.
    • Along with such tax exemptions, the increased use of cesses and surcharges is responsible for the shrinking of the shareable pool.
    • The shareable resources with the Centre was around Rs 6.8 lakh crore in 2019-20 which has come down to Rs 5.5 lakh crore in 2020-21.
    • All the cesses and surcharges that are not shared with states come to about 20 per cent of the total revenues of the Centre.
    • States have been demanding that this money should be shared with them, particularly while fighting a pandemic.
    • States complaining for resources does not augur well for cooperative federalism.

    Way forward

    • Developing basic infrastructure and the production sector is the only way to face an economic crisis.
    • That should not be done by selling or handing over public assets to private individuals and corporations.
    • We need massive public investment that will help people to form cooperatives and collectives in agriculture and industrial production.
    • Parliament, the National Development Council and the GST Council should discuss this unprecedented situation.

    Conclusion

    We need to find a way out collectively. Handing over the rights on public properties to private individuals will take the country back to the colonial era. This must not be allowed.

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  • Centre and states must strike bargain on GST

    Context

    After one and a half years of dispute, and with the economy showing signs of recovery, a path forward for the GST finally seems visible. This opportunity needs to be seized to strike the Centre-State bargain.

    How GST performed so far

    •  The contributors are many but the critical one has been simply a lack of revenues.
    • Initially, the GST performed well, with collections soaring to Rs 11.8 lakh crore in the first full year of implementation in 2018-19.
    • But in 2019-20, the growth rate decelerated sharply. And in 2020-21, collections actually fell.
    • As future collections became uncertain, a gap opened up between the amount that the Centre felt it could afford to promise and the minimum that the states felt they needed and were entitled to.
    • More recently, however, confidence in GST has improved.
    • Collections have revived, averaging Rs 1.1 lakh crore in the first five months of the current fiscal year, exceeding even pre-pandemic levels.

    What explains the weak revenue performance of the GST?

    • Slowing economy: The GST’s past performance now seems much better than it once did.
    • We now know that after 2018-19, nominal GDP growth slowed from 10.5 per cent in 2018-19 to 7.8 per cent the next year and -3 per cent in 2020-21.
    • Effective rate cuts: The RBI has pointed out, the effective tax rate has fallen by nearly 3 percentage points because of rate cutting in 2019, in which both the Centre and states were complicit.
    • Thus the weak revenue performance of the GST now seems attributable to wider economic difficulties and policy actions, rather than problems with the tax itself.

    Necessary changes: Opportunity for striking bargain for Centre and States

    1) Principle of compensation must be re-cast: Create revenue buffer

    • As the GST was a new tax, so states were guaranteed against the teething troubles that would inevitably arise for the next five years.
    • Five years on, this logic is less compelling.
    • The GST as tax reform has reached maturity, well understood by producers, consumers, and tax officials.
    • At the same time, the last few years have exposed the vulnerability of the states to shocks such as Covid-19 pandemic.
    • Way forward: To prevent this situation from recurring, the authorities should create a revenue buffer that could be tapped in a time of need.
    • In sum, there is a bargain waiting to be struck: The states give up their demand for an extension of the compensation mechanism, while the Centre offers a new counter-cyclical buffer.
    • As the figure shows, in good economic times, GST revenues will be robust but it is against downturns that states need protection.
    • The shift to revenue insurance, in turn, should allow the compensation cess to be abolished. 

    2) The GST structure needs to be simplified and rationalised

    • The GST structure needs to be simplified and rationalised, as recommended by the Fifteenth Finance Commission and the Revenue Neutral Rate report.
    • New rate structure: A new structure should have one low rate (between 8 and 10 per cent), one standard rate (between 16 and 18 per cent) and one rate for all demerit goods.
    • The single rate on demerit goods also requires eliminating the cesses with all their complexity.

    3) The GST Council’s working needs changes

    • Consensus-based decision making in GST Council can be sustained only if there is a shared sense of participatory and inclusive governance. 
    • Nearly two decades ago, when the VAT was being introduced, Yashwant Sinha established a culture of consensual discussions on indirect taxes.
    • He did this by requiring the Empowered Committee of State Finance Ministers to be headed by a finance minister from an Opposition-run state government.
    • The spirit of this idea could be translated to the GST Council.

    Consider the question “Inherent importance of GST and its significance for the cooperative federalism underline the necessity for the Centre and the States to strike the win-win bargain. In light of this, examine the issues with the GST and suggest the way forward to deal with these issuef.”

    Conclusion

    Cooperative federalism is not a gesture or one-off outcome. It is, above all, a disposition, resulting from quotidian democratic practice. By rehabilitating cooperative federalism’s finest achievement — the GST — the Centre and states can help restore India’s broader economic prospects.

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  • Four-year moratorium for AGR dues

    In big bang reforms, the Union Cabinet approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100% foreign investment through the automatic route.

    What is AGR?

    • Adjusted Gross Revenue (AGR) is the usage and licensing fee that telecom operators are charged by the Department of Telecommunications (DoT).
    • It is divided into spectrum usage charges and licensing fees, pegged between 3-5 per cent and 8 per cent respectively.

    Why is AGR important?

    • The definition of AGR has been under litigation for 14 years.
    • While telecom companies argued that it should comprise revenue from telecom services, the DoT’s stand was that the AGR should include all revenue earned by an operator, including that from non-core telecom operations.
    • The AGR directly impacts the outgo from the pockets of telcos to the DoT as it is used to calculate the levies payable by operators.
    • Currently, telecom operators pay 8% of the AGR as licence fee, while spectrum usage charges (SUC) vary between 3-5% of AGR.

    Why do telcos need to pay out large amounts?

    • Telecom companies now owe the government not just the shortfall in AGR for the past 14 years but also an interest on that amount along with penalty and interest on the penalty.
    • While the exact amount telcos will need to shell out is not clear, as in a government affidavit filed in the top court, the DoT had calculated the outstanding licence fee to be over â‚č92,000 crore.
    • However, the actual payout can go up to â‚č1.4 lakh crore as the government is likely to also raise a demand for shortfall in SUC along with interest and penalty.
    • Of the total amount, it is estimated that the actual dues is about 25%, while the remaining amount is interest and penalties.

    Is there stress in the sector?

    • The telecom industry is reeling under a debt of over â‚č4 lakh crore and has been seeking a relief package from the government.
    • Even the government has on various occasions admitted that the sector is indeed undergoing stress and needs support.
    • Giving a ray of hope to the telecom companies, the government recently announced setting up of a Committee of Secretaries to examine the financial stress in the sector, and recommend measures to mitigate it.

    Issue of lower tariff

    • Currently, telecom tariffs are among the lowest globally, driven down due to intense competition following the entry of Reliance in the sector.
    • The TRAI examines the merits of a “minimum charge” that operators may charge for voice and data services.

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  • Tarballs on Mumbai Coast

    A beach in South Mumbai, saw black oil-emanating balls lying on the shore.

    What are Tarballs?

    • Tarballs are dark-coloured, sticky balls of oil that form when crude oil floats on the ocean surface.
    • Tarballs are formed by weathering of crude oil in marine environments.
    • They are transported from the open sea to the shores by sea currents and waves.
    • Tarballs are usually coin-sized and are found strewn on the beaches. Some of the balls are as big as a basketball while others are smaller globules.
    • However, over the years, they have become as big as basketballs and can weigh as much as 6-7 kgs.

    How are tarballs formed?

    • Wind and waves tear the oil slick into smaller patches that are scattered over a much wider area.
    • Various physical, chemical and biological processes (weathering) change the appearance of the oil.

    Why are tarballs found on the beaches during the monsoon?

    • It is suspected that the oil comes from the large cargo ships in the deep sea and gets pushed to the shore as tarballs during monsoon due to wind speed and direction.
    • All the oil spilt in the Arabian sea eventually gets deposited on the western coast in the form of tarballs in the monsoon season when wind speed and circulation pattern favour transportation of these tarballs.

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  • GST Council may consider bringing petrol, diesel under GST

    The GST Council might consider taxing petrol, diesel and other petroleum products under the single national GST regime.

    About GST Council

    • The GST Council is a constitutional body that aims to bring together states and the Centre on a common platform for the nationwide rollout of the indirect tax reform.
    • It is an apex member committee to modify, reconcile or to procure any law or regulation based on the context of goods and services tax in India.
    • It dictates tax rate, tax exemption, the due date of forms, tax laws, and tax deadlines, keeping in mind special rates and provisions for some states.
    • The predominant responsibility of the GST Council is to ensure to have one uniform tax rate for goods and services across the nation.

    How is the GST Council structured?

    • The GST is governed by the GST Council. Article 279 (1) of the amended Indian Constitution states that the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A.
    • According to the article, the GST Council will be a joint forum for the Centre and the States. It consists of the following members:
    1. The Union Finance Minister will be the Chairperson
    2. As a member, the Union Minister of State will be in charge of Revenue of Finance
    3. The Minister in charge of finance or taxation or any other Minister nominated by each State government, as members.

    Terms of reference

    • Article 279A (4) specifies that the Council will make recommendations to the Union and the States on the important issues related to GST, such as the goods and services will be subject to or exempted from the Goods and Services Tax.
    • They lay down GST laws, principles that govern the following:
    1. Place of Supply
    2. Threshold limits
    3. GST rates on goods and services
    4. Special rates for raising additional resources during a natural calamity or disaster
    5. Special GST rates for certain States

    Why bring Petro/Diesel under GST?

    • GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax.
    • The state VAT is being levied not just on the cost of production but also on the excise duty charged by the Centre on such output.

    Why were they left out of GST?

    • When a national GST subsumed central taxes such as excise duty and state levies like VAT on July 1, 2017, five petroleum goods – petrol, diesel, ATF, natural gas and crude oil – were kept out of its purview.
    • This is because both central and state government finances relied heavily on taxes on these products.
    • Since GST is a consumption-based tax, bringing petroleum under the regime would have mean states where these products are sold get the revenue and not the producer ones.
    • Simply put, Uttar Pradesh and Bihar with their huge population and a resultant high consumption would get more revenues at the cost of states like Gujarat.

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  • What is Input Tax Credit?

    The Supreme Court has confirmed a Madras High Court judgment which upheld a fiscal formula included in the Central Goods and Service Tax Rules to execute refund of unutilized Input Tax Credit (ITC) accumulated on account of input services.

    What is Input Tax Credit?

    • Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs.
    • Say, you are a manufacturer – tax payable on output (FINAL PRODUCT) is Rs 450 tax paid on input (PURCHASES) is Rs 300 You can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 150 in taxes. See here:

    Pc: Cleartax.in

    The case in discussion

    • The apex court Bench led, by Justice D.Y. Chandrachud, passed the judgment in the face of two contradicting judgments of Gujarat and Madras High Courts on the validity of Rule 89(5) of the Central GST Rules, 2017.
    • Rule 89(5) provides a formula for the refund of ITC, in “a case of refund on account of inverted duty structure”.
    • The Gujarat High Court had held that by prescribing a formula in sub-Rule (5) of Rule 89 to execute refund of unutilized ITC accumulated on account of input services.
    • The Madras High Court, while delivering its judgment declined to follow the view of the Gujarat High Court.

    Answer this PYQ in the comment box:

    Consider the following items:

    1. Cereal grains hulled
    2. Chicken eggs cooked
    3. Fish processed and canned
    4. Newspapers containing advertising material

    Which of the above items is/are exempt under GST (Goods and Services Tax)?

    (a) 1 only

    (b) 2 and 3 only

    (c) 1, 2 and 4 only

    (d) 1, 2, 3 and 4

     

    [wpdiscuz-feedback id=”555s0bzkxm” question=”Please leave a feedback on this” opened=”1″]Post your answers here[/wpdiscuz-feedback]

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