Goods and 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 65 rapid-fire Q&A cards.
What does GST stand for in the Indian tax system?
GST stands for Goods and Services Tax, a comprehensive indirect tax levied on the supply of goods and services across India, replacing multiple cascading taxes.
What is the full form of CGST under the GST framework?
Central Goods and Services Tax levied by central government.
When was GST introduced in India?
GST was introduced in India on 1st July 2017, replacing a complex multi-tax structure that included central excise duty, service tax, and state VAT.
What is the full form of SGST under the GST framework?
State Goods and Services Tax levied by state governments.
What type of tax structure does GST follow in India?
GST follows a dual structure with Central GST (CGST) levied by the Centre and State GST (SGST) levied by the State on intra-state supplies, while IGST applies to inter-state supplies.
What is UTGST and to which territories does it apply?
Union Territory GST applied in union territories without legislature.
What is IGST and when is it applicable?
IGST (Integrated Goods and Services Tax) is levied by the Central Government on inter-state supply of goods and services, including imports, and is collected by the Centre and shared with the destination state.
What is the GST rate applicable on health insurance premium?
GST at 18% is levied on health insurance premiums.
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