TOP Question GST – Goods Services Tax Explained

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02 Jul, 2017

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GST is one indirect tax for the whole nation, which will make India one unified common market. GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

 

 

 

 

 

Question 1. What is GST? How does it work?

Question 2. What are the benefits of GST?

Question 3. Which taxes at the Centre and State level are being subsumed into GST?

Question 4. What are the major chronological events that have led to the introduction of GST?

Question 5. How would GST be administered in India?

Question 6. How would a particular transaction of goods and services be taxed simultaneously under Central GST (CGST) and State GST (SGST)?

Question 7. Will cross utilization of credits between goods and services be allowed under GST regime?

Question 8. How will be Inter-State Transactions of Goods and Services be taxed under GST in terms of IGST method?

Question 9. How will IT be used for the implementation of GST?

Question 10. How will imports be taxed under GST?

Question 11. What are the major features of the Constitution (122nd Amendment) Bill, 2014?

Question 12. What are the major features of the proposed registration procedures under GST?

Question 13. What are the major features of the proposed returns filing procedures under GST?

Question 14. What are the major features of the proposed payment procedures under GST?

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