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2023 GST Rates Quiz

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Questions and Answers

Which tax acts impose GST rates?

CGST and SGST

SGST and IGST

CGST and IGST

CGST, SGST, and IGST (correct)

What is the purpose of the HSN cum GST rates finder?

To issue invoices with GST amounts charged on the value of supply

To identify the accurate and latest GST rate applicable for a product/service (correct)

To evaluate the impact of GST rate revisions on the economy

To catch all the latest updates on GST rates in India 2023

What happens when the GST Council revises GST rates?

It affects only trade bodies

It has no impact on end consumers

It does not impact any industry

It impacts the economy (correct)

Are the GST rates in CGST and SGST the same?

<p>Yes, they are the same (D)</p> Signup and view all the answers

What do GST rates refer to?

<p>The percentage rates of tax imposed on the sale of goods or services (D)</p> Signup and view all the answers

Study Notes

GST Rates and Tax Acts

The GST rates are imposed by the Central Goods and Services Tax Act (CGST), Integrated Goods and Services Tax Act (IGST), and Union Territory Goods and Services Tax Act (UTGST).

HSN cum GST Rates Finder

The HSN (Harmonized System of Nomenclature) cum GST rates finder is a tool that helps taxpayers determine the correct GST rate applicable to their goods or services.

Revision of GST Rates

When the GST Council revises GST rates, the changes are applicable to all states and Union Territories.
The revised GST rates are notified through circulars, notifications, or amendments to the GST laws.

GST Rates in CGST and SGST

The GST rates in CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax) are the same, as both taxes are levied on the same goods and services.

GST Rates

GST rates refer to the percentage of tax levied on the value of goods and services supplied.

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Description

Test your knowledge of GST rates in 2023 with this informative quiz. Discover the various GST rate slabs and get familiar with the complete list of GST rates. Stay updated on the changes made by the GST Council and understand the impact on industries, trade bodies, and the economy. Put your HSN cum GST skills to the test now!