GST and E-way Bill System Quiz

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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?

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?

GST

VAT (correct)

Corporate tax

Cess and surcharges

Under the GST regime, which taxes are subsumed along with VAT by the state governments?

Other indirect taxes Signup and view all the answers

What is the key feature of a destination-based tax like GST?

It depends on the location of the goods or services consumption Signup and view all the answers

Why were VAT and other indirect taxes subsumed under GST by the state governments?

To simplify the tax structure Signup and view all the answers

What is the purpose of the E-way Bill system in relation to transporters?

To reduce delays and red-tape at check posts Signup and view all the answers

Which mechanism is associated with GST similar to the E-way Bill system?

Reverse Credit Mechanism Signup and view all the answers

When did the E-way Bill system become effective?

2018 Signup and view all the answers

What is included in the E-Invoice system that helps improve tax surveillance?

Info embedded inside E-Invoice about E-bill Signup and view all the answers

Why is the self-declaration aspect of the E-way Bill important?

To simplify the movement of goods for transporters Signup and view all the answers

Which party is responsible for generating the E-Invoice under the new system from 2022 onwards?

Buyers of goods/services Signup and view all the answers

What is the purpose of the 1% GST deposit in cash mentioned in the text?

To control fake ITC claims Signup and view all the answers

Which system has been in place since 2018 for the movement of goods known as E-way Bill System?

E-way Bill System Signup and view all the answers

What is the purpose of the Reverse Charge Mechanism discussed in the text?

To shift the liability to pay tax from supplier to recipient Signup and view all the answers

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 Signup and view all the answers

Which body administers the Advance Ruling on GST matters, as per the text?

Authority for Advance Ruling (AAR) Signup and view all the answers

What is the purpose of Project Saksham as per the text?

To provide digital integration for GST processes Signup and view all the answers

Why was the GST Compensation Cess extended until 2026, as mentioned in the text?

To compensate states for revenue loss due to GST implementation Signup and view all the answers

What is the purpose of HSN and SAC Codes as discussed in the text?

To categorize goods and services for tax purposes Signup and view all the answers

What is the role of Group of Ministers (GoM) as per the text?

Review and recommend major policy changes on GST Signup and view all the answers

For which states are Back to Back loans provided, according to the text?

States facing revenue deficit due to GST Signup and view all the answers