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GOODS AND SERVICE TAX
What does GST stand for and when was it implemented in India?
GST stands for Goods and Services Tax, implemented in India on 1st July 2017, replacing multiple indirect taxes under a unified framework.
What is the GST rate applicable on general insurance premiums?
18% GST is levied on general insurance premiums.
Which constitutional amendment enabled the introduction of GST in India?
The 101st Constitutional Amendment Act, 2016 enabled the introduction of GST by amending Articles 246A, 269A, and 279A of the Constitution.
What is the GST rate on services provided by a bank for maintaining a savings account?
18% GST applies on banking services including account maintenance.
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