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Class 11th : Accountancy - Goods & Services Tax (GST) Video Lecture - Commerce

Q: 3. What are the benefits of GST?

Ans. GST offers several benefits, such as:- Simplification of the tax structure: GST replaces multiple indirect taxes, making the taxation system more streamlined and efficient.- Elimination of cascading effect: GST allows for the input tax credit, ensuring that taxes paid on inputs are credited against the tax liability on the final product.- Increased compliance: GST promotes transparency and reduces tax evasion, leading to increased compliance among taxpayers.- Boost to the economy: GST facilitates the ease of doing business, promotes investment, and contributes to economic growth.

FAQs on Class 11th : Accountancy - Goods & Services Tax (GST) Video Lecture - Commerce

1. What is the meaning of Goods and Services Tax (GST)?

Ans. Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services. It is implemented to replace multiple indirect taxes like excise duty, service tax, and value-added tax (VAT) to simplify the taxation system.

2. How does GST work?

Ans. GST is a destination-based tax system that is collected at the point of consumption. It involves the tax being levied at each stage of the supply chain, from the manufacturer to the end consumer. The tax paid at each stage is then credited or offset against the tax payable on subsequent stages.

3. What are the benefits of GST?

Ans. GST offers several benefits, such as: - Simplification of the tax structure: GST replaces multiple indirect taxes, making the taxation system more streamlined and efficient. - Elimination of cascading effect: GST allows for the input tax credit, ensuring that taxes paid on inputs are credited against the tax liability on the final product. - Increased compliance: GST promotes transparency and reduces tax evasion, leading to increased compliance among taxpayers. - Boost to the economy: GST facilitates the ease of doing business, promotes investment, and contributes to economic growth.

4. Which goods and services are exempted from GST?

Ans. GST exempts certain goods and services from its purview. Some examples of exempted goods and services include: - Basic food items like fresh fruits and vegetables, milk, eggs, and unprocessed cereals. - Healthcare and education services provided by government or government-aided institutions. - Some financial services like insurance and loans. - Public transportation services like metro and local bus services.

5. How is GST calculated?

Ans. GST is calculated by applying the applicable tax rate on the transaction value of the goods or services supplied. There are three components of GST: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax). The rates for each component vary based on the nature of the goods or services.

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Oct 10, 2025 Last updated

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