Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer?

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Direction: Based on the case study given below answer the questions that follow:
Case Study
GST Council way may replace 5% rate with 3%, 8% slabs.
With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.
Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.
In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.
Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.
Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.
Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.
Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.
Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.

Q. Pick out the incorrect one:

a)
The least expensive rate of tax or exemption is applied to essential item
b)
One percent increase in 5% GST slab will yield Rs 50,000 crores annually
c)
Gold and jewellery attract 5% tax
d)
GST council decides the charges in tax slabs of GST

Correct answer is option 'C'. Can you explain this answer?

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The GST rate for gold, gold jewellery, precious stones and precious metals is 3%. While purchasing gold jewellery or other gold items, the end consumer will have to pay 3% of the taxable value mentioned on the invoice.

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Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Percent is excluded from GST four tier formation

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Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Cess on the luxury and sin goods benefitted.

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Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Items under 5% tax slab includes

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Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Which of the following is an example of Goods and service tax (GST)?

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Directions: Read the following passage carefully:The Indian Contract Act, 1872 is a legislation governing the contractual relationship between two or more parties - individuals, companies, governments. It deals with all aspects of contracts, such as formation, performance, enforceability of contracts, indemnities and guarantees, bailment and pledge and agency, among others. A contract brought as a result of coercion, undue influence, fraud or misrepresentation would be voidable at the option of the person whose consent was caused.Although one of the oldest laws in India, legal experts note that the Indian Contract Acts relevance has grown manifold in the current business environment with significant increase in the number of contracts being entered into between various parties, and the resultant disputes. Over the last one year or so, there has been an effort to step up corporate governance across boards through new company law provisions, and updating Securities and Exchange Board of Indias (SEBIs) listing agreement for companies.Many legal experts feel that the time has come to take a hard look at the Indian Contract Act to bring it in sync with the changing business environment."Good corporate governance demands well-defined and executed contracts, where the Indian Contract Act plays a crucial role," said Ramesh Vaidyanathan, managing partner, Advaya Legal.Most legal experts say the Indian Contract Act is a relevant and comprehensive piece of legislation. The concepts under the contract law are based on the contract law of the United Kingdom. However, the Act contains certain provisions which are different.As per Section 4 of the Indian Contract Act, 1872, the communication of an acceptance is complete as against the acceptor when it comes to the knowledge of the proposer. An acceptance may be revoked at any time before the communication of the acceptance is complete as against the acceptor, but not afterwards.Section 9 of the Indian Contract Act, 1872 contemplates implied contracts when it lays down that in so far as such proposal or acceptance is made otherwise than in words, the promise is said to be implied.Section 73 of the Indian Contract Act provides for compensation for loss or damage caused by breach of contract, naturally arising in the usual course of things from such breach. However, remote and indirect loss or damage sustained by reason of the breach is not provided under the contract law.Under the Indian Contract Act, a contract without consideration is void subject to certain exceptions provided in Section 25 of the Act, such as love and affection u/s 25(1), compensation for voluntary services u/s 25(2), etc. However, the English law recognises contracts without consideration in some cases.Q.A husband formed and registered an agreement with his wife that he will give his earnings to her but later denied to fulfil his promise arguing that he was not getting any consideration for the same. As per the passage, is the argument by the husband legally valid?

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Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer?

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Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? for Humanities/Arts 2024 is part of Humanities/Arts preparation. The Question and answers have been prepared according to the Humanities/Arts exam syllabus. Information about Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Humanities/Arts 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer?.

Solutions for Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Humanities/Arts. Download more important topics, notes, lectures and mock test series for Humanities/Arts Exam by signing up for free.

Here you can find the meaning of Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Based on the case study given below answer the questions that follow:Case StudyGST Council way may replace 5% rate with 3%, 8% slabs.With states on board to raise revenue so that they do not have to depend on centre for compensation, the GST council at its meeting next month is likely to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories, sources said.Currently GST is a four tier structure of 5,12,18 and 28%. Besides gold and gold jewellery attract 3% tax.In addition there is an exempt list of items like unbranded and unpacked food items, which do not attract the levy.Sources said in order to augment revenue the council may decide to prune the list of exempt items by moving some of the non-food items to 3% slab.Sources said that discussions are on to raise the 5% slab to either 7 or 8% or 9%, a final call will be taken by the GST council which comprises Finance Ministers of both Centre and States.Every 1 percentage point increase in the 5% slab, which mainly includes packaged food items, would roughly yield an additional revenue of Rs 50,000 crore annually.Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy.Under GST, essential items are either exempted or taxed at the lowest rate while luxury and demerit items attract the highest tax. Luxury and sin goods also attract cess on top of the highest 28% slab. This cess collection is used to compensate States for the revenue loss due to GST rollout. With the GST compensation regime coming to an end in June, it is imperative that States become self-sufficient and not depend on the centre for budging the revenue gap in GST collection.Q. Pick out the incorrect one:a)The least expensive rate of tax or exemption is applied to essential itemb)One percent increase in 5% GST slab will yield Rs 50,000 crores annuallyc)Gold and jewellery attract 5% taxd)GST council decides the charges in tax slabs of GSTCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Humanities/Arts tests.

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