GST Quiz

What does GST stand for?

• Government Sales Tax

• Goods and Services Tax

• General Sales and Trade

• Global Standard Tax

When was GST implemented in India?

• 1st April 2017

• 1st July 2017

• 1st January 2018

• 1st April 2018

Which GST is levied by the Central Government on intra-state (within the same state) transactions?

• SGST

• CGST

• IGST

• UTGST

Which GST is applicable on inter-state (between different states) transactions?

• IGST

• CGST

• SGST

• UTGST

What is the primary purpose of implementing GST?

• To simplify the tax structure

• To increase tax revenue

• To reduce inflation

• To promote exports

Which body is responsible for the administration of GST in India?

• Ministry of Finance

• State Tax Departments

• Goods and Services Tax Council

• Central Board of Direct Taxes

What is the impact of GST on small businesses?

• Increases compliance costs

• Reduces tax burden

• Encourages formalization

• Has no impact

Which of the following is a benefit of GST?

• Seamless input tax credit

• Increased tax evasion

• Complex filing process

• Multiple tax rates

What is the role of the Goods and Services Tax Council?

• To enforce tax laws

• To recommend tax rates

• To collect taxes

• To audit businesses

What is the threshold limit for GST registration for service providers in India?

• Rs. 10 lakhs

• Rs. 20 lakhs

• Rs. 30 lakhs

• Rs. 40 lakhs