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GST in India – An Introduction - 1 Video Lecture | Crash Course for CA Intermediate
FAQs on GST in India – An Introduction - 1 Video Lecture - Crash Course for CA Intermediate
| 1. What is GST and why was it implemented in India? |  |
Ans.GST, or Goods and Services Tax, is a comprehensive tax system implemented in India to unify indirect taxes levied by the central and state governments. It was introduced to simplify the tax structure, eliminate the cascading effect of taxes, and enhance compliance through a single tax regime. The aim was to create a seamless national market and improve the ease of doing business in the country.
| 2. What are the main components of GST in India? | |
Ans.GST in India comprises three main components: Central GST (CGST), State GST (SGST), and Integrated GST (IGST). CGST is levied by the central government on intra-state supplies, SGST is levied by state governments on the same, and IGST is applied on inter-state supplies, enabling the seamless flow of credit across state lines.
| 3. How does the GST structure impact consumers and businesses? | |
Ans.The GST structure benefits consumers by potentially lowering the overall tax burden due to the elimination of cascading taxes and providing a transparent tax regime. For businesses, it simplifies compliance, allowing for easier filing and input tax credit claims, which can reduce operational costs and enhance competitiveness.
| 4. What are the different GST rates applicable on goods and services? | |
Ans.GST rates in India are categorized into four slabs: 5%, 12%, 18%, and 28%. Essential items typically attract lower rates, while luxury goods and services are subject to higher rates. Additionally, certain goods may be exempt from GST or subject to a zero rate, ensuring that essential commodities remain affordable.
| 5. How is GST collected and remitted by businesses? | |
Ans.Under the GST regime, businesses collect tax from consumers at the point of sale and are responsible for remitting it to the government. They must file monthly and annual returns detailing their sales, purchases, and the tax collected. Input tax credit can be claimed for taxes paid on purchases, which can then be offset against the tax liability on sales, ensuring that only the value-added portion is taxed.
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