Q. What is the GST rate on the supply of goods that are considered essential?
-
A.
0%
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B.
5%
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C.
12%
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D.
18%
Solution
Essential goods are typically taxed at a GST rate of 0%.
Correct Answer:
A
— 0%
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Q. What is the input tax credit?
-
A.
Tax paid on inputs that can be claimed back
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B.
Tax paid on outputs
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C.
Tax that cannot be claimed back
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D.
Tax on exempt goods
Solution
Input tax credit refers to the tax paid on inputs that can be claimed back against the output tax liability.
Correct Answer:
A
— Tax paid on inputs that can be claimed back
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