The primary goal of the Goods and Services Tax Act 2017 is to ___ the cascading impact of taxes on interstate goods supply.

Eliminate

True or False: Under GST, the term 'supply of goods' refers only to the sale of goods.

False. It also includes leasing, transferring ownership, and bartering.

What is the significance of 'place of supply' in the context of GST?

'Place of supply' determines where GST is applicable, influencing the tax rate based on the goods' delivery location.

Fill in the blank: Taxable supplies under GST include ___, ___, and ___ types.

Regular taxable supplies, nil-rated supplies, zero-rated supplies

Explain the difference between composite and mixed supplies under GST.

Composite supplies consist of complementary goods that are consumed together, while mixed supplies involve multiple items that can be sold separately.

True or False: Rental income from residential complexes is subject to GST.

False. According to the GST Act, rental income is not subject to GST.

What elements define the fundamental aspects of supply under GST?

The fundamental aspects of supply include place, value, and time, which affect GST calculations.

Fill in the blank: Non-taxable supplies under GST include ___ and ___ categories.

Exempt supplies, non-GST supplies

How does GST treat the importation of goods and services?

Importation of goods and services falls under the scope of supply and is subject to GST.

True or False: The GST framework allows for refunds on taxable supplies only.

True.

Fill in the blank: The value of a taxable supply is influenced by ___, ___, and ___ related to the goods and services.

Legal taxes, additional expenses, and any liabilities incurred by the buyer

Explain the role of consideration in defining supply under GST.

Consideration is the fundamental basis for supply, representing the value exchanged for goods or services in a transaction.