GST Customs duty

The video tutorial covers the basics of taxes, focusing on indirect taxes like GST and customs duty in India. It explains the introduction of GST in 2017, its impact on simplifying the tax system, and its features such as input and output tax. The video also discusses the types of GST, registration requirements, and the process of filing GST returns. Additionally, it provides an overview of customs duty, its calculation, and the governing laws in India.

What was one of the main reasons for introducing GST in India?

• To increase the number of taxes

• To simplify the tax system

• To reduce government revenue

• To make taxes more complex

Which of the following is a feature of GST?

• It does not allow input tax credit

• It is collected at the point of origin

• It is a destination-based tax

• It is only applicable to goods

What is the GST rate division for intrastate supply?

• 100% IGST

• 50% CGST and 50% SGST

• 100% CGST

• 50% SGST and 50% UTGST

Which type of GST is applied to interstate supply?

• IGST

• SGST

• CGST

• UTGST

What determines whether a business needs to register under GST?

• The location of the business

• The number of employees

• The annual turnover of the business

• The type of products sold

Which legislation governs the administration of customs duty in India?

• GST Act, 2017

• Customs Duty Act, 1962

• Finance Act, 1994

• Income Tax Act, 1961

What is an ad valorem duty?

• A duty based on the weight of goods

• A duty based on the quantity of goods

• A duty calculated as a percentage of the value of goods

• A duty based on the dimensions of goods