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