GST Mod D Questions
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, and it was implemented in India on 1st July 2017, replacing multiple indirect taxes under a unified tax structure.
What is the GST rate applicable on interest income earned by banks?
Interest income is exempt from GST under Schedule II.
What type of tax structure does GST follow in India?
GST follows a dual tax structure where both the Central Government (CGST) and the State Government (SGST) levy taxes simultaneously on the same transaction within a state.
What is the GST rate on life insurance premium paid by individuals?
Life insurance premium attracts 18% GST on the risk portion.
What is IGST and when is it applicable?
IGST (Integrated Goods and Services Tax) is levied by the Central Government on inter-state supplies of goods and services, and on imports into India.
Which GST return form is used to report inward supplies received by a taxpayer?
GSTR-2A is an auto-drafted form showing inward supplies.
What are the four main GST tax slabs applicable in India?
The four main GST tax slabs are 5%, 12%, 18%, and 28%, with essential goods either exempt or taxed at 0%, while luxury and demerit goods attract the highest slab plus cess.
What is the GST rate applicable on general insurance premiums?
General insurance premiums attract 18% GST.
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