Podcast
Questions and Answers
GST is a successor to ______ used in India on the supply of goods and services
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
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 ______%
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
There is a special rate of 0.25% on rough precious and semi-precious stones and ______% on gold
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
Pre-GST, the statutory tax rate for most goods was about ______%; post-GST, most goods are expected to be in the 18% tax range
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.
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.