22 Questions
What is the main purpose of E-invoice as announced by the GST council?
To streamline bill generation through a government online portal
Why were corporate tax and personal income tax kept out of the GST regime by the Union government?
Because they are direct taxes
What was the largest source of tax income for state governments before the implementation of GST?
VAT
Under the GST regime, which taxes are subsumed along with VAT by the state governments?
Other indirect taxes
What is the key feature of a destination-based tax like GST?
It depends on the location of the goods or services consumption
Why were VAT and other indirect taxes subsumed under GST by the state governments?
To simplify the tax structure
What is the purpose of the E-way Bill system in relation to transporters?
To reduce delays and red-tape at check posts
Which mechanism is associated with GST similar to the E-way Bill system?
Reverse Credit Mechanism
When did the E-way Bill system become effective?
2018
What is included in the E-Invoice system that helps improve tax surveillance?
Info embedded inside E-Invoice about E-bill
Why is the self-declaration aspect of the E-way Bill important?
To simplify the movement of goods for transporters
Which party is responsible for generating the E-Invoice under the new system from 2022 onwards?
Buyers of goods/services
What is the purpose of the 1% GST deposit in cash mentioned in the text?
To control fake ITC claims
Which system has been in place since 2018 for the movement of goods known as E-way Bill System?
E-way Bill System
What is the purpose of the Reverse Charge Mechanism discussed in the text?
To shift the liability to pay tax from supplier to recipient
What is the purpose of the National Anti-Profiteering Authority (NAA/NAPA) mentioned in the text?
To ensure businesses do not profit unjustly from GST rate reduction
Which body administers the Advance Ruling on GST matters, as per the text?
Authority for Advance Ruling (AAR)
What is the purpose of Project Saksham as per the text?
To provide digital integration for GST processes
Why was the GST Compensation Cess extended until 2026, as mentioned in the text?
To compensate states for revenue loss due to GST implementation
What is the purpose of HSN and SAC Codes as discussed in the text?
To categorize goods and services for tax purposes
What is the role of Group of Ministers (GoM) as per the text?
Review and recommend major policy changes on GST
For which states are Back to Back loans provided, according to the text?
States facing revenue deficit due to GST
Test your knowledge on topics related to GST (Goods and Services Tax) and the E-way bill system for goods transportation in India. Questions cover concepts like Reverse Charge Mechanism, E-way bill generation, and intrastate vs interstate movement of goods.
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