Multiple choice

MODVAT scheme was introduced in India on the recommendation of a committee headed by ______.

  1. K. N. Raj

  2. L. K. Jha

  3. M. Murlitharan

  4. M. K. Venktachalliah
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The MODVAT (Modified Value Added Tax) scheme was introduced in 1986 based on recommendations of the committee headed by L.K. Jha. This scheme allowed tax credit on input taxes and was a precursor to the modern GST system, reforming India's indirect tax structure.

Keep practicing — related questions