GOODS AND SERVICE 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 66 rapid-fire Q&A cards.
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.
What is the GST Council and who chairs it?
The GST Council is a constitutional body that makes recommendations on GST rates, exemptions, and laws; it is chaired by the Union Finance Minister.
What is the full form of CGST under the GST framework?
CGST stands for Central Goods and Services Tax.
What are the four main types of GST levied in India?
The four types are CGST (Central GST), SGST (State GST), IGST (Integrated GST), and UTGST (Union Territory GST).
What is the full form of SGST under the GST framework?
SGST stands for State Goods and Services Tax.
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