Goods & 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 65 rapid-fire Q&A cards.
What does GST stand for and when was it implemented in India?
GST stands for Goods and Services Tax, a comprehensive indirect tax implemented in India on 1st July 2017, replacing multiple cascading taxes levied by the central and state governments.
What is the full form of CGST under the GST framework?
Central Goods and Services Tax levied by the central government.
What is the constitutional amendment that enabled the introduction of GST in India?
The 101st Constitutional Amendment Act, 2016 enabled the introduction of GST in India by inserting Article 246A, which grants concurrent powers to both Parliament and State Legislatures to levy GST.
What is the full form of SGST and who collects it?
State Goods and Services Tax, collected by respective state governments.
What are the three components of GST levied in India?
The three components are CGST (Central GST) levied by the Centre, SGST (State GST) levied by the State, and IGST (Integrated GST) levied by the Centre on inter-state supplies and imports.
Which article of the Indian Constitution empowers Parliament to levy GST?
Article 246A, inserted by the 101st Constitutional Amendment Act.
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, imports into India, and supplies to/from Special Economic Zones.
What is the GST registration threshold for suppliers in special category states?
Rs. 10 lakh aggregate turnover for special category states.
Video classes for this chapter
More chapters in Module D - Taxation and Fundamentals of Costing
Related articles & notes
In-depth Accounting and Financial Management for Bankers guides from our blog.
Master the full AFM syllabus
Every chapter of Accounting and Financial Management for Bankers — videos, tests, notes and one-liner decks in one place.