Goods and Services Tax (GST) vs. VAT Quiz
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Goods and Services Tax (GST) vs. VAT Quiz

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@WellMadeCommonsense

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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

<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.

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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.

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