Monthly Archives: July 2017

04 Jul

GST Questions for Government Exams

GST Questions for Government Exams:

The government has recently launched GST regime, effective from July 1, 2017. What is GST ?
Ans : Goods and Services Tax (GST)

GST is a ___________ based tax on consumption of goods and services.
Ans : destination based

India has chosen ____________ model of dual-GST ?
Ans : Canadian

The Central Board of Excise and Customs (CBEC) has recently announced that ___________ will be observed as GST Day ?
Ans : 1st July

The main objective of GST is to ______________ excessive taxation.
Ans : eliminate

In GST only three type of taxes will be charged in whole country. What are they ?
Ans : CGST, SGST & IGST

What is CGST ?
Ans : Central Goods and Service Tax

What is SGST ?
Ans : State Goods and Service Tax

What is IGST ?
Ans : Integrated Goods and Service Tax

The IGST is charged by ?
Ans : Central Government of India

__________ is doing away with indirect taxes such Central Excise Duty, Service Tax, Addl. Customs Duty, Special Addl. Customs Duty as well as Addl. Excise Duty (These indirect taxes are those that are collected by the Centre).
Ans : CGST

______________ will remove indirect taxes on goods and services which are charged by the State such as VAT, Entertainment Tax, Purchase Tax, Octroi, Luxury Tax and Entry Tax.
Ans : SGST

The Goods and Services Tax (GST) was first proposed in which year ?
Ans : 2000

In the year 2000, then Prime Minister Atal Bihari Vajpyee introduced the concept of GST and sets up a committee headed by the then West Bengal Finance Minister ______________ to design a GST model.
Ans : Asim Dasgupta

Which Article of the Constitution as amended by 101st Constitutional Amendment Act, 2016 defines the Goods and Services tax (GST) as a tax on supply of goods or services or both ?
Ans : Article 366 (12A)

Around how many countries have already implemented the GST ?
Ans : 160

Which country is the First to Implement GST ?
Ans : France

France has implemented GST in which year ?
Ans : 1954

Only ______________ has dual GST model (Just like India is going to implement Dual GST Model).
Ans : Canada

Which country has the maximum GST rate slab of 28% ? highest among more than 160 countries across the world that have implemented GST ?
Ans : India

Which country has the second-highest GST rate of 27% ?
Ans : Argentina

In India, the GST Council has come out with a four-rate structure. They are ?
Ans : 5%, 12%, 18% and 28%

Tax rate on the Luxury and demerit goods will be ____________ plus cess.
Ans : 28%

What is the Tax Rate on essential items like salt, unpacked food grains, healthcare services ?
Ans : 0%

Under GST, smartphones will be taxed at ___________ per cent.
Ans : 12%

Household items like sugar, tea, coffee (barring instant coffee) and edible oil will attract the tax rate of _______________ per cent
Ans : 5%

Common use products like hair oil, soaps and toothpaste will be charged with a GST of ___________ per cent.
Ans : 18%

Chewing gums, white chocolate, chocolates containing cocoa, wafers coated with chocolate, instant coffee, custard powder, students’ colours, paints, varnishes, perfumes, beauty products, sunscreen, shampoos, hair dyes, after-shave lotions and deodorants will attract tax rate of ________________ per cent.
Ans : 28%

Before GST, insurance was taxed at 15 per cent. Under GST, this would go up to __________ per cent.
Ans : 18%

Ayurvedic products comes under which rate structure ?
Ans : 12%

Under GST, the electricity generation will get cheaper as the GST council has brought down the current tax on coal to _____________ per cent from the previous tax rate of 11.69 per cent.
Ans : 5%

What is sin tax ?
Ans : a tax on items such as alcohol or tobacco

Transaction fee on various banking and financial services are expected to go up as GST will tax these services under _________ per cent tax rate from the current 15 per cent.
Ans : 18

A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. What is GSTN ?
Ans : Goods and Service Tax Network

A message is doing rounds on social media that if u make payment of utility bills by credit cards,you will be paying GST twice. Is it TRUE or FALSE ?
Ans : FALSE

HSN code shall be used for classifying the goods under the GST regime. What is HSN ?
Ans : Harmonised System of Nomenclature

04 Jul

Important Points About GST for Government Exams

Certain important points to be noted in respect of GST:

*1. # GST will be 100% implemented on 01-07-2017*
*2. # Types of taxation in GST*
*3. IGST : Integrated GST*
*4. CGST : Central GST which with replacement CST*
*5. SGST : State GST which will replace VAT*
*6. # WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17*
*7. # Registration certificates will be issued online.*
*8. # There will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime.*
*9. # 5 forms on different dates have to be submitted every month.*
*R1 form on 10th*
*R2 form on 13th*
*R3 form on 15th*
*R4 form on 17th* *&*
*R5 form or final returns on 20th*
*You cannot file revised returns at all. Once filed on 20th is final.*

*10. # Tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.*
*11. # In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill.*
*12. # Be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake.*
*13. # Your firm rating will be done by the system. Based on the rating audit trials will be conducted.*
*14. # Proposed e sugam for ₹50000 & above value only.*
*15. # Proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40.*
*16. # 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services.*
*17. # You need to submit 17 documents for migration to GST.*
*18. # Most products MRP to come down.*
*19. # Distribution + C & F channel under threat.*

*20. # All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.*
*21. # All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop.*
*22. # The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.*
*23. # All books & records to be maintained on daily basis.*
*24. # You will need maintain regular accounts your shop/office to under GST.*
*25. # All travel & tour expenses related to business have to be claimed under firm name.*
*26. # If your vendor does not upload his bills within 180 days , you will not get tax credit.*
*27. # You cannot claim credit for material in stock beyond one year.*
*28. # They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.*
*29. # All VAT related documents like C forms, F forms etc have to be cleared within Sept 2017.*
*30. # Your Vat credit will not be carry forwarded to GST.*