GST_Overview and Basic Concepts

When was GST implemented in India?

• 1st April 2016

• 1st July 2017

• 1st January 2018

• 8th July 2017

Which tax was replaced by GST?

• VAT

• Excise Duty

• Service Tax

• All of the above

What does GST stand for?

• Goods and Sales Tax

• Government Service Tax

• Goods and Services Tax

• General Sales Tax

Which of the following is NOT a component of GST?

• CGST

• SGST

• IGST

• CST

What is the primary purpose of GST?

• Increase tax rates

• Reduce tax burden on businesses

• Increase complexity in tax compliance

• Promote black money

GST is an example of which type of tax?

• Direct Tax

• Indirect Tax

• Wealth Tax

• Income Tax

Which tax is levied by the Central Government on intra-state sales?

• SGST

• IGST

• CGST

• UTGST

What is Input Tax Credit (ITC)

• Credit received for paying direct taxes

• Credit available on exports only

• Credit for taxes paid on inputs to reduce tax liability

• Credit available only for manufacturers

Which of the following states was the last to implement GST?

• Maharashtra

• West Bengal

• Jammu & Kashmir

• Tamil Nadu

Which of the following is an indirect tax?

• Income Tax

• Capital Gains Tax

• GST

• Corporate Tax