GOODS & SERVICES TAX
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One-liners from this chapter
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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 as a comprehensive indirect tax replacing multiple central and state taxes.
What is the full form of CGST under the GST framework?
Central Goods and Services Tax levied by central government.
Which constitutional amendment enabled the introduction of GST in India?
The 101st Constitutional Amendment Act, 2016 enabled the introduction of GST in India by inserting Article 246A, giving both Parliament and State Legislatures power to levy GST.
What is the full form of SGST under the GST framework?
State Goods and Services Tax levied by state governments.
What is the dual structure of GST in India?
India follows a dual GST structure comprising Central GST (CGST) levied by the Centre, State GST (SGST) levied by States, and Integrated GST (IGST) for inter-state supplies levied by the Centre.
What is the GST rate applicable on most financial services provided by banks?
18% GST is applicable on most banking financial services.
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 and on imports; it is administered under the IGST Act, 2017.
Which body is responsible for administering GST at the central level?
Central Board of Indirect Taxes and Customs (CBIC) administers central GST.
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