Podcast
Questions and Answers
What is the main purpose of E-invoice as announced by the GST council?
What is the main purpose of E-invoice as announced by the GST council?
- To eliminate the need for GST registration
- To reduce the tax burden on small businesses
- To increase the annual turnover of GST merchants
- To streamline bill generation through a government online portal (correct)
Why were corporate tax and personal income tax kept out of the GST regime by the Union government?
Why were corporate tax and personal income tax kept out of the GST regime by the Union government?
- Because they are direct taxes (correct)
- Because they are indirect taxes
- Because they are levied by state governments
- Because they are destination-based taxes
What was the largest source of tax income for state governments before the implementation of GST?
What was the largest source of tax income for state governments before the implementation of GST?
- GST
- VAT (correct)
- Corporate tax
- Cess and surcharges
Under the GST regime, which taxes are subsumed along with VAT by the state governments?
Under the GST regime, which taxes are subsumed along with VAT by the state governments?
What is the key feature of a destination-based tax like GST?
What is the key feature of a destination-based tax like GST?
Why were VAT and other indirect taxes subsumed under GST by the state governments?
Why were VAT and other indirect taxes subsumed under GST by the state governments?
What is the purpose of the E-way Bill system in relation to transporters?
What is the purpose of the E-way Bill system in relation to transporters?
Which mechanism is associated with GST similar to the E-way Bill system?
Which mechanism is associated with GST similar to the E-way Bill system?
When did the E-way Bill system become effective?
When did the E-way Bill system become effective?
What is included in the E-Invoice system that helps improve tax surveillance?
What is included in the E-Invoice system that helps improve tax surveillance?
Why is the self-declaration aspect of the E-way Bill important?
Why is the self-declaration aspect of the E-way Bill important?
Which party is responsible for generating the E-Invoice under the new system from 2022 onwards?
Which party is responsible for generating the E-Invoice under the new system from 2022 onwards?
What is the purpose of the 1% GST deposit in cash mentioned in the text?
What is the purpose of the 1% GST deposit in cash mentioned in the text?
Which system has been in place since 2018 for the movement of goods known as E-way Bill System?
Which system has been in place since 2018 for the movement of goods known as E-way Bill System?
What is the purpose of the Reverse Charge Mechanism discussed in the text?
What is the purpose of the Reverse Charge Mechanism discussed in the text?
What is the purpose of the National Anti-Profiteering Authority (NAA/NAPA) mentioned in the text?
What is the purpose of the National Anti-Profiteering Authority (NAA/NAPA) mentioned in the text?
Which body administers the Advance Ruling on GST matters, as per the text?
Which body administers the Advance Ruling on GST matters, as per the text?
What is the purpose of Project Saksham as per the text?
What is the purpose of Project Saksham as per the text?
Why was the GST Compensation Cess extended until 2026, as mentioned in the text?
Why was the GST Compensation Cess extended until 2026, as mentioned in the text?
What is the purpose of HSN and SAC Codes as discussed in the text?
What is the purpose of HSN and SAC Codes as discussed in the text?
What is the role of Group of Ministers (GoM) as per the text?
What is the role of Group of Ministers (GoM) as per the text?
For which states are Back to Back loans provided, according to the text?
For which states are Back to Back loans provided, according to the text?
