GST stands for Goods & Service Tax. It is a type of indirect tax in India. there are 5 different tax slabs available under GST, such as 0%, 5%, 12%, 18%, and 28%. some products, such as Petroleum, alcohol, and electricity have not come under GST. It is implemented on 01 July 2017. There are 2 types of GST - CGST & SGST. CGST stands for Central Goods & Service Tax & SGST stands for State Goods and Service Tax. GST rules & regulations are governed by the GST Council, which works under the finance ministers of the central government & all states of India.
The notion of GST was introduced by the then Prime Minister in the year 2000, and a committee was formed to draft a model for it, i.e. to develop a framework for GST in India. Then, in 2003, the federal government established a task force on fiscal responsibility and budget management, which pushed for the nationwide implementation of GST in 2004.
Prior to the introduction of state GST legislation, the Central GST Acts were passed. Some of the state legislatures were early birds in passing their State GST Laws, such as Rajasthan, Goa, Telangana, Chattisgarh, Bihar, and Punjab. Except for Jammu and Kashmir, all states and union territories had enacted their respective SGST and UTGST Acts by June 30, 2017. As of the 1st of July, 2017, the extraordinary reform in the field of indirect taxes was finally introduced, however, it came to light in Jammu & Kashmir only on the 8th of July, 2017
GST is a unique reform with respect to the mechanism of indirect taxes in India which aims to design a common national market. A plethora of indirect taxes has been subsumed under India, such as VAT, Luxury Tax, Service Tax, CST, Entry Tax, Entertainment Tax, etc. GST is a value-added tax that is imposed on supply, in other words, GST is levied on manufacturing as well as the sale of goods and rendering of services.
GST offers an umbrella for the chain of tax credits, beginning right from the point of production of goods or provision of services, up to the retailer’s or even consumer’s level, indicating that tax is levied only on the addition in value that occurs at each progressing stage of the supply chain.
Following are some of the multiple choice questions on the GST with answers that will help the students in developing their knowledge.
1. What is the full form of GST?
2. GST was implemented in India from
4. In India GST became effective from
6. Which one of the following is true?
7. The value of supply of goods and services shall be the
8. Which of the following tax is not subsumed in Gst ?
9. GST is a consumption of goods and service tax based on
10. How many types of taxes will be in Indian GST?
12. Can a registered person under Composition Scheme claim input tax credit?
13. How will the goods and services be classified under GST regime?
14. Which of the following taxes will be levied on Imports of goods and services?
15. What is the validity of the registration certificate?
16. Which of the following tax rate is not applicable under the GST?
17. What is date of receipt of payment?
18. Input Tax credit as credited in Electronic Credit ledger can be utilized for
19. The time limit to pay the value of supply with taxes
20. Place of supply in case of installation of elevator is
21. Input tax credit on capital goods and Inputs can be availed in
22. When does liability to pay GST arise in case of supply of goods?
23. Can a person apply for registration without PAN
24. GST was implemented on
25. When can a registered person avail credit on inputs?
26. What type of tax is GST?
27. PAN issued under the Income Tax Act is mandatory for grant of registration.
28. What deductions are allowed from the transaction value
29. Under what circumstances physical verification of business premises is mandatory?
30. What is location of supply in case of importation of goods?
31. Is there any ceiling limit prescribed on the rate under IGST?
32. Provisional Input tax credit can be utilized against
33. What is the maximum rate prescribed under CGST?
34. When can the transaction value be rejected for computation of value of supply
35. Matching of Input Tax credit on inward supply by recipient is undertaken with
36. Which of the following requires amendment in the registration certificate?
37. Who are mandatorily required to obtain registration?
38. What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?
39. Which Form Is to be used for Registration?
40. Maximum rate prescribed under UTGST/SGST?
41. What is the rate applicable under CGST to a registered person being a hotelier opting to pay taxes under composition scheme?
42. What is time of supply in GST?
43. Which code is used to classify goods and services under GST?
44. How a person can apply for registration?
45. Can the taxable person under Composition Scheme claim input tax credit
46. For an E-commerce operator registration threshold limit is?
47. In case supplier has deposited the taxes but the receiver has not received the goods, is receiver entitled to avail credit?
48. IGST credit shall first be utilised towards payment of
49. Composite supply means
50. Any input tax paid on purchase of goods or services by an assessee for employees is eligible for ITC?
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