B Com Exam > B Com Videos > Goods and Services Tax (GST) > Basic Concept of GST - 1
Basic Concept of GST - 1 Video Lecture | Goods and Services Tax (GST) - B Com
|
130 videos|45 docs|14 tests
|
FAQs on Basic Concept of GST - 1 Video Lecture - Goods and Services Tax (GST) - B Com
| 1. What is the basic concept of GST? |  |
Ans. The basic concept of GST, or Goods and Services Tax, is to replace multiple indirect taxes levied by the central and state governments with a single unified tax system. It aims to simplify the taxation process, reduce tax cascading, and create a common market for goods and services across the country.
| 2. How does GST work? | |
Ans. GST is a destination-based tax system where the tax is levied on the final consumption of goods and services. It is applicable at each stage of the supply chain, from the manufacturer to the consumer. GST is collected by businesses and remitted to the government, and input tax credits can be claimed for taxes paid on inputs used in the production or provision of goods and services.
| 3. What are the benefits of GST? | |
Ans. GST offers several benefits, including the elimination of cascading taxes, simplification of tax compliance, reduction in tax evasion, and creation of a unified national market. It also promotes ease of doing business by streamlining the tax structure, reducing logistics costs, and improving the competitiveness of Indian businesses both domestically and globally.
| 4. How does GST impact consumers? | |
Ans. GST has a direct impact on consumers as it brings transparency and accountability in the tax system, leading to a reduction in the overall tax burden. It aims to eliminate hidden taxes and reduce the cascading effect, resulting in lower prices for goods and services. However, the actual impact on consumers may vary depending on the specific goods and services they consume.
| 5. What are the different types of GST? | |
Ans. There are three types of GST in India: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax). CGST and SGST are levied by the central and state governments, respectively, on intra-state supplies, while IGST is levied on inter-state supplies and imports. The revenue collected through GST is shared between the central and state governments.
Related Exams
About this Video
|
4.62/5 Rating |
|
Dec 23, 2024 Last updated |
Video Description: Basic Concept of GST - 1 for B Com 2024 is part of Goods and Services Tax (GST) preparation.
The notes and questions for Basic Concept of GST - 1 have been prepared according to the B Com exam syllabus.
Information about Basic Concept of GST - 1 covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Basic Concept of GST - 1.
Introduction of Basic Concept of GST - 1 in English is available as part of our Goods and Services Tax (GST) for B Com & Basic Concept of GST - 1 in
Hindi for Goods and Services Tax (GST) course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Basic Concept of GST - 1 Video Lecture | Goods and Services Tax (GST) - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Goods and Services Tax (GST).
Information about Basic Concept of GST - 1
Here you can find the meaning of Basic Concept of GST - 1 defined & explained in the simplest way possible.
Besides explaining types of Basic Concept of GST - 1 theory, EduRev gives you an ample number of questions to practice Basic Concept of GST - 1 tests,
examples and also practice B Com tests.
|
130 videos|45 docs|14 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Basic Concept of GST - 1 Video Lecture | Goods and Services Tax (GST) - B Com
,Sample Paper
,Previous Year Questions with Solutions
,Basic Concept of GST - 1 Video Lecture | Goods and Services Tax (GST) - B Com
,ppt
,MCQs
,mock tests for examination
,Important questions
,past year papers
,Exam
,Objective type Questions
,Basic Concept of GST - 1 Video Lecture | Goods and Services Tax (GST) - B Com
,Summary
,video lectures
,Free
,shortcuts and tricks
,practice quizzes
,Viva Questions
,Extra Questions
,study material
,Semester Notes
;
Study Basic Concept of GST - 1 on the App
Students of B Com can study Basic Concept of GST - 1 alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Basic Concept of GST - 1,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Basic Concept of GST - 1 is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup