What are direct taxes and provide two examples of them?

Direct taxes are taxes levied on the income of individuals or organizations. Two examples are income tax and corporate tax.

Fill in the blank: The price at which a trader sells his goods after applying any discount is known as ___ .

Selling price (S.P)

Riddle: I am a tax that is consumed whenever you buy goods or services, and I am collected at every point of sale. What am I?

Goods and Services Tax (GST)

Fill in the blank: The price marked on a commodity is referred to as ___ .

Marked price (M.P)

What is the formula for calculating Selling Price (S.P) when a discount is applied?

Short Answer: What is Integrated-GST (IGST) and when is it applied?

Integrated-GST (IGST) is levied by the central government for inter-state transactions or movement of goods and services, including imports.

In an intra-state transaction, CGST and SGST are collected and deposited with which respective governments?

CGST is deposited with the central government, while SGST is deposited with the state government.

True or False: A registered person can claim input tax credit on tax paid for petroleum products.

False. Input tax credit is not available for petroleum products, liquor, petrol, diesel, and motor spirit.

In zero-rated transactions under GST, what is the status of GST on exports of goods and services?

GST is not payable on exports, but input tax credit is still available.

Fill in the blank: The rates of GST applicable in India are ___, ___, ___, ___, and ___.

0%, 5%, 12%, 18%, and 28%.

What happens to the amount of discount when calculating GST?

Discount is never allowed on the amount including GST; it is deducted from the list price before calculating the GST.

Riddle: I am a credit you claim on your purchases, helping reduce your tax dues. What am I?

Input tax credit.