Q. What does GST stand for?
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A.
Goods and Services Tax
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B.
General Sales Tax
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C.
Gross Sales Tax
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D.
Government Sales Tax
Solution
GST stands for Goods and Services Tax, which is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services.
Correct Answer:
A
— Goods and Services Tax
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Q. What is the primary purpose of GST?
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A.
To increase tax revenue
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B.
To simplify the tax structure
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C.
To reduce tax evasion
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D.
All of the above
Solution
The primary purpose of GST is to simplify the tax structure, increase tax revenue, and reduce tax evasion.
Correct Answer:
D
— All of the above
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Q. What is the rate of GST on most goods?
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A.
5%
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B.
12%
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C.
18%
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D.
28%
Solution
The rate of GST on most goods is 18%, although there are different rates for various categories.
Correct Answer:
C
— 18%
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Q. What is the threshold limit for GST registration for service providers?
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A.
Rs. 10 lakhs
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B.
Rs. 20 lakhs
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C.
Rs. 30 lakhs
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D.
Rs. 50 lakhs
Solution
The threshold limit for GST registration for service providers is Rs. 20 lakhs (Rs. 10 lakhs for special category states).
Correct Answer:
B
— Rs. 20 lakhs
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Q. Which of the following is a benefit of GST?
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A.
Elimination of double taxation
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B.
Higher tax rates
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C.
Complex compliance
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D.
Increased prices for consumers
Solution
One of the key benefits of GST is the elimination of double taxation, which simplifies the tax process.
Correct Answer:
A
— Elimination of double taxation
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Q. Which of the following is a component of the GST structure?
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A.
Income Tax
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B.
Customs Duty
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C.
CGST
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D.
Wealth Tax
Solution
CGST (Central Goods and Services Tax) is a component of the GST structure, along with SGST and IGST.
Correct Answer:
C
— CGST
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Q. Which of the following is NOT a type of GST?
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A.
CGST
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B.
SGST
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C.
IGST
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D.
UGST
Solution
UGST is not a recognized type of GST. The three types are CGST (Central GST), SGST (State GST), and IGST (Integrated GST).
Correct Answer:
D
— UGST
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Q. Who is responsible for collecting GST?
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A.
The consumer
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B.
The seller
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C.
The government
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D.
The accountant
Solution
The seller is responsible for collecting GST from the consumer and remitting it to the government.
Correct Answer:
B
— The seller
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