Goods & Services Tax
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Accounting and Financial Management for Bankers — JAIIB.
One-liners from this chapter
Free sample — 8 of 87 rapid-fire Q&A cards.
When was GST introduced in India?
01 July 2017 under Constitution (101st Amendment) Act, 2016.
What taxes did GST replace?
Service tax, central excise, VAT, CST, octroi, entry tax, luxury tax and multiple cesses.
What is the key difference between direct and indirect tax?
Direct tax burden cannot shift; indirect tax burden shifts through supply chain.
What was GST 2.0's major change effective 22 September 2025?
Old four-slab (5/12/18/28) restructured to three-slab (5/18/40) plus 0% nil-rated.
What are the four components of GST in India?
CGST, SGST, IGST, UTGST based on transaction location and federalism structure.
Who chairs the GST Council?
Union Finance Minister of India.
What voting power split exists in GST Council?
Centre one-third, States combined two-thirds; three-fourths majority required for decisions.
What GST rate applies to banking and financial services (SAC 9971)?
18% GST, unchanged in GST 2.0 regime.
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