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GST: Important Treaties Video Lecture | IBPS PO Prelims & Mains Preparation - Bank Exams
FAQs on GST: Important Treaties Video Lecture - IBPS PO Prelims & Mains Preparation - Bank Exams
| 1. What is GST and why was it implemented in India? |  |
Ans. Goods and Services Tax (GST) is a unified tax system implemented in India on July 1, 2017, to replace multiple indirect taxes levied by the central and state governments. The primary aim was to simplify the tax structure, promote ease of doing business, reduce tax evasion, and create a common national market.
| 2. What are the different types of GST in India? | |
Ans. There are three main types of GST in India:
1. Central Goods and Services Tax (CGST) - collected by the Central Government on intra-state sales.
2. State Goods and Services Tax (SGST) - collected by the State Government on intra-state sales.
3. Integrated Goods and Services Tax (IGST) - collected by the Central Government on inter-state sales and imports.
| 3. How does GST benefit consumers? | |
Ans. GST benefits consumers by reducing the overall tax burden on goods and services. It eliminates the cascading effect of taxes, ensuring that consumers pay a lower price. Additionally, GST promotes transparency in taxation and reduces the compliance burden on businesses, which can lead to more competitive pricing.
| 4. What are the key features of GST? | |
Ans. Key features of GST include a single tax rate for goods and services, input tax credit for businesses, a unified tax structure across states, and a simplified return filing process. It also aims to enhance efficiency in the supply chain and boost the economy by encouraging compliance.
| 5. What is the role of the GST Council? | |
Ans. The GST Council is a constitutional body responsible for making recommendations on various aspects of GST, including rates, exemptions, and the structure of GST. It consists of the Union Finance Minister and the Finance Ministers of the states, ensuring collaborative decision-making and addressing the concerns of both the central and state governments.
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