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GST Mod D Questions
What does GST stand for and when was it implemented in India?
GST stands for Goods and Services Tax, and it was implemented in India on 1st July 2017, replacing multiple indirect taxes under a unified tax structure.
What is the GST rate applicable on interest income earned by banks?
Interest income is exempt from GST under Schedule II.
What type of tax structure does GST follow in India?
GST follows a dual tax structure where both the Central Government (CGST) and the State Government (SGST) levy taxes simultaneously on the same transaction within a state.
What is the GST rate on life insurance premium paid by individuals?
Life insurance premium attracts 18% GST on the risk portion.
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