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Goods & Service Tax Video Lecture | Laxmikanth for Indian Polity: Summaries, MCQs & videos - UPSC
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FAQs on Goods & Service Tax Video Lecture - Laxmikanth for Indian Polity: Summaries, MCQs & videos - UPSC
| 1. What is Goods and Services Tax (GST)? |  |
Ans. Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It is a unified tax system that subsumes various indirect taxes, such as excise duty, service tax, and value-added tax (VAT), into a single tax regime.
| 2. How does GST work? | |
Ans. GST works on the principle of input tax credit, where businesses can claim credit for the taxes paid on inputs used in the production or supply of goods and services. It is a destination-based tax, meaning the tax is collected at the point of consumption rather than the point of origin.
| 3. What are the benefits of GST? | |
Ans. GST offers several benefits, including the elimination of cascading effect of taxes by providing input tax credit, simplification of tax structure, reduction in compliance burden, and promotion of ease of doing business. It also aims to create a unified national market, enhance transparency, and curb tax evasion.
| 4. How is GST different from the previous tax regime? | |
Ans. GST replaces the complex and multiple tax structure of the previous regime with a single tax. It eliminates the cascading effect of taxes by allowing input tax credit, reduces compliance burden through online processes, and brings uniformity in tax rates across states.
| 5. What are the different types of GST? | |
Ans. GST in India is categorized into three types:
1. Central Goods and Services Tax (CGST): Levied by the central government on intra-state supplies of goods and services.
2. State Goods and Services Tax (SGST): Levied by the state government on intra-state supplies of goods and services.
3. Integrated Goods and Services Tax (IGST): Levied by the central government on inter-state supplies of goods and services and imports.
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Dec 19, 2024 Last updated |
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