Indian GST

What are some examples of taxable goods under Indian GST?

• Books and educational materials

• Medicines and healthcare products

• Agricultural produce

• Some examples of taxable goods under Indian GST include electronics, clothing, processed food, and luxury items.

What are some examples of taxable services under Indian GST?

• Educational services

• Sale of groceries

• Medical services

• Transportation of goods, renting of hotels, services provided by restaurants

What is the GST rate for essential goods in India?

• 5%

• 0%

• 15%

• 10%

What is the GST rate for luxury goods in India?

• 15%

• 10%

• 5%

• 28%

Explain the concept of Input Tax Credit in Indian GST.

• ITC allows businesses to increase the tax they have already paid on inputs from the tax they need to pay on outputs.

• ITC allows businesses to reduce the tax they have already paid on inputs from the tax they need to pay on outputs.

• ITC allows businesses to completely waive off the tax they have already paid on inputs.

• ITC allows businesses to transfer the tax they have already paid on inputs to the customers.

What are the eligibility criteria for GST registration in India?

• Turnover exceeding the threshold limit, interstate supply of goods or services, and specific categories of businesses

• Having a turnover below the threshold limit

• Any individual or entity can register for GST regardless of business category

• Only providing intrastate supply of goods or services

What are the different types of GST returns in India?

• GSTR-2, GSTR-3, GSTR-11

• IGST-1, SGST-2, CGST-3

• GST-1, GST-2, GST-3

• GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-9A, GSTR-9C, and GSTR-10

What are the consequences of non-compliance with GST regulations in India?

• Tax deductions, warnings, and suspension

• Rewards, bonuses, and promotions

• Tax exemptions, subsidies, and benefits

• Penalties, fines, and legal action

How does GST compliance benefit businesses in India?

• GST compliance increases tax evasion and reduces credibility with customers and suppliers

• GST compliance has no impact on tax processes for businesses

• GST compliance helps businesses to streamline their tax processes, reduce tax evasion, and improve their credibility with customers and suppliers.

• GST compliance complicates tax processes and does not benefit businesses

Explain the concept of reverse charge mechanism in Indian GST.

• The supplier is liable to pay the tax

• Recipient of the goods or services is liable to pay the tax instead of the supplier

• The government is liable to pay the tax

• There is no tax involved in reverse charge mechanism