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GST stands for Goods and Services Tax. Some times People called as GST Tax.
Ekvij provides Mock tests in GST Tax for preparing CA Inter, CA IPCC, CA Final, CS executive, CS Professional, CMA Inter, CMA Final, GST practitioner exam and competitive exams.
GST was first levied by France in 1954.
GST is a destination based tax levied on the basis of the Destination principle.
GST collected on value-added at each stage of the supply chain.
GST is technically paid by suppliers but it is actually funded by consumers
Under GST, input tax credit is provided throughout the value chain for creditable acquisition.
GST is levied on supply of all goods or services or both except supply of alcoholic liquor for human consumption. Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have temporarily been kept out of GST.
Electricity has also been kept out of GST.
The structure provided under GST is dual in nature (CGST, SGST, IGST).
Under the GST regime, liability to pay tax arises when a person crosses the turnover threshold of Rs.40 lakhs
GST Composition Scheme, which is mainly devised for small taxpayers, provides concessional rate of tax and filing of quarterly returns.
all about gst in india
Provisions of the Central Goods and Services Tax Act or GST in india, relating to, (i) scope of supply; (ii) composition levy; (iii) composite supply and mixed supply; (iv) time and value of supply; (v) input tax credit; (vi) registration; (vii) tax invoice, credit and debit notes; (viii) accounts and records; (ix) returns; (x) payment of tax; (xi) tax deduction at source; (xii) collection of tax at source; (xiii) assessment; (xiv) refunds; (xv) audit; (xvi) inspection, search, seizure and arrest; (xvii) demands and recovery; (xviii) liability to pay in certain cases; (xix) advance ruling; (xx) appeals and revision; (xxi) presumption as to documents; (xxii) offences and penalties; (xxiii) job work; (xxiv) electronic commerce; (xxv) settlement of funds; (xxvi) transitional provisions; and (xxvii) miscellaneous provisions including the provisions relating to the imposition of interest and penalty.
Question 1 : Which of the following is Input tax ?
1. IGST charged on Import of goods
2.Tax payable under Reverse charge
3.Tax paid under Composition levy
4.Both (1) and (2)
Answer : 4
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GST Composition Levy
Question 1 : Which of the following statement is not correct, in context of composition scheme ? Person who opts for scheme
1. Shall not collect tax from recipient
2. Would not be entitled to any Input tax credit
3. Issue tax invoice for outward supply made by him
4. Issue bill of supply for outward supply made by him
Answer : 3
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GST Tax Rate
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Mock tests in GST
Ekvij provides Chapter wise Mock tests in GST for preparing CA Inter, CA IPCC, CA Final, CS executive, CS Professional, CMA Inter, CMA Final, GST practitioner exam and competitive exams.