Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. The tax came into effect from July 1, 2017through the implementation of one hundred and first amendment by the Government of India.

• ·         The GST Bill was introduced in the Lok Sabha by Union Finance Minister Shri Arun Jaitley as Constitution ( 122nd Amendment) Bill, on 19th December, 2014.
• ·         GST Bill passed in Rajya Sabha on August 3, 2016.
• ·         Loksabha passed GST bill on August 8, 2016.
• ·         President Pranab Mukherjee signed GST bill on 8th of September, 2016.
• ·         Article 246 A was inserted by the 101st Amendment of Indian Constitution.
• ·         The Article 246A(1) gives right to parliament and  the legislator of every state can make the law in respect of goods and service tax to be imposed by central or state government.
• ·         Goods and services are divided into five tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%.
• ·         Assam is the first state to ratify the GST bill.
• ·         Union Finance Minister is the chairman of GST council.
• ·         France was the first country to introduce GST system in 1954.

1. What is GST ?

Goods and Services Tax

2. What is CGST?

Central Goods and Service Tax

3. What is SGST?

State Goods and Service Tax

4. What is IGST?

Integrated Goods and Service Tax

5. The concept of Goods and Services Tax (GST) is originated in–

Canada

6. Which of the following country is the first one to implement GST?

France

7. Which state became the first state of India to ratify GST bill?

Assam

8. In which year GST was first introduced in India?

2000

9. The headquarters of GST council is located at–

New Delhi

10. Presently how many countries have implemented GST?

160

11. How many countries have dual – GST model?

None of these

12. Who is the head of the GST council?

Arun Jaitley

13. Which article spells formation of GST Council?

279A

14. Which of the following tax will be abolished by the GST?

Service Tax

15. What is Integrated Goods and Services Tax?

Tax imposed on interstate trade

16. GST will be levied on–

All of the above

17. What kind of Tax is GST?

Indirect Tax

18. Which constitutional amendment is done to pass the GST bill?

101st

19. Who is the chairman of GST council?

Finance Minister

20. The country with highest GST Rate in the world is–

India

21. In India GST came affective from -

July 1st, 2017

22. The tax IGST charged by ………………. Government.

Central

23. GST comes under which amendment bill?

122

24. How many types of GST in India?

3

25. Which country has the second-highest GST rate of 27%?

Argentina

26. What kind of Tax is GST?

Indirect Tax

27. Which of the following tax will be abolished by the GST?

Service Tax

28. India has chosen ………………. model of dual-GST?

Canadian

29. GST was introduced as the ………………. amendment Act.

101

30. A special purpose vehicle ………………. has been launched to cater the needs of GST.

GSTN

31. GST is a ………………. based tax on consumption of goods and services.

Destination

32. Indian GST model has how many bands of tax rates?

4

33. The highest rate of tax prescribed under IGST is–

28%

34. Combined Stake of Central and State Government in GSTN is–

49%

35. The Central Board of Excise and Customs (CBE(C) announced that every year ………………. will be considered as GST Day.

July 1

36. Who is the chairman of GST committee of state finance ministers?

Amit Mitra

37. What is Integrated Goods and Services Tax?

Tax imposed on interstate trade

38. In India, the GST Council has come out with a four-rate structure. They are?

5%, 12%, 18% and 28%

39. The IGST is charged by?

Central Government of India

40. Ayurvedic products comes under which rate structure?

12%

41. Under which Act GST was introduced?

101

42. GST council formation based on Article number–

279A

43. Under GST, Smartphones will be taxed at ………………. per cent.

12%

44. GSTN comes under which Act?

Companies Act, 2013

45. Combined Stake of Central and State Government in GSTN is–

49%

46. Petrol is coming under.-

VAT

47. Is alcohol is included in GST?

No

48. State code of Kerala in GST-

32

49. India has chosen ………………. model of dual – GST.

Canadian

50. How many Digits in GSTN

15