Goods and Services Tax (GST) vs. VAT Quiz
5 Questions
3 Views

Goods and Services Tax (GST) vs. VAT Quiz

Created by
@WellMadeCommonsense

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

GST is a successor to ______ used in India on the supply of goods and services

VAT

The Goods and Services Tax (GST) is a ______ form of VAT where you can also track the goods & services

digitalized

Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and ______%

28%

There is a special rate of 0.25% on rough precious and semi-precious stones and ______% on gold

<p>3%</p> Signup and view all the answers

Pre-GST, the statutory tax rate for most goods was about ______%; post-GST, most goods are expected to be in the 18% tax range

<p>26.5%</p> Signup and view all the answers

Study Notes

GST Overview

  • GST is a successor to an indirect tax used in India on the supply of goods and services.
  • GST is a value-added tax (VAT) form that enables tracking of goods and services.

Tax Slabs

  • Goods and services are divided into five different tax slabs for tax collection: 0%, 5%, 12%, 18%, and 28%.
  • A special rate of 0.25% is applied to rough precious and semi-precious stones.
  • Gold is taxed at 3% under GST.

Pre-GST vs Post-GST Tax Rates

  • Pre-GST, the statutory tax rate for most goods was around 31%.
  • Post-GST, most goods are expected to fall under the 18% tax range.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Description

Test your knowledge of the differences and similarities between Goods and Services Tax (GST) and Value Added Tax (VAT) in India, including their taxation slabs, digitalization, and comprehensive nature.

More Like This

GST Quiz
5 questions

GST Quiz

IrreplaceableConsciousness avatar
IrreplaceableConsciousness
Goods and Services Tax (GST
10 questions
Understanding GST and VAT Systems Quiz
12 questions
Use Quizgecko on...
Browser
Browser