GST Customs duty

The video tutorial provides an overview of indirect taxes in India, focusing on GST and customs duty. It explains the introduction of GST in 2017, replacing multiple indirect taxes with a unified system to simplify taxation and promote business ease. The tutorial covers GST's application, calculation, and types, including intrastate and interstate supplies. It also discusses GST registration, return filing, and the role of customs duty on imports and exports. The session emphasizes the importance of understanding taxation for financial literacy and informed decision-making.

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

• To increase the number of taxes

• To make state taxes more complex

• To reduce the number of direct taxes

• To simplify the tax system

Which of the following is a feature of GST?

• It is a destination-based tax

• It does not allow input tax credit

• It is only applicable to goods

• It is collected at the point of origin

What is the GST rate division for intrastate supply?

• SGST and IGST

• IGST only

• UTGST and IGST

• CGST and SGST

Which type of GST is applied to interstate supply?

• CGST

• UTGST

• SGST

• IGST

What determines the need for GST registration for a business?

• The number of employees

• The location of the business

• The annual turnover

• The type of products sold

Which legislation governs the administration of customs duty in India?

• Finance Act, 1994

• GST Act, 2017

• Customs Duty Act, 1962

• Income Tax Act, 1961

What is an ad valorem duty based on?

• The dimensions of the goods

• The weight of the goods

• The quantity of the goods

• The value of the goods