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Questions and Answers
Which tax acts impose GST rates?
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?
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?
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?
Are the GST rates in CGST and SGST the same?
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What do GST rates refer to?
What do GST rates refer to?
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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!
