Podcast
Questions and Answers
Where is VAT primarily used?
Where is VAT primarily used?
- North American countries
- Asian countries
- European countries (correct)
- African countries
What does GST stand for?
What does GST stand for?
- General Sales Transaction
- Goods and Services Tax (correct)
- Global Sales Tax
- Government Service Tax
When did the Goods and Service Tax Act come into effect in India?
When did the Goods and Service Tax Act come into effect in India?
- 29th March 2017
- 1st January 2017
- 1st July 2017 (correct)
- 15th April 2017
Where is GST primarily used?
Where is GST primarily used?
What does VAT primarily apply to?
What does VAT primarily apply to?
Flashcards
VAT Use
VAT Use
VAT (Value Added Tax) is primarily used in European countries.
GST Abbreviation
GST Abbreviation
GST stands for Goods and Services Tax.
GST India Implementation
GST India Implementation
The Goods and Services Tax Act in India came into effect on July 1, 2017.
GST Global Use
GST Global Use
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VAT Scope
VAT Scope
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Study Notes
Taxation Systems
- VAT (Value-Added Tax) is primarily used in the European Union, Africa, and Asia.
- GST (Goods and Services Tax) is primarily used in countries such as Australia, Canada, and India.
Implementation of GST in India
- The Goods and Service Tax Act came into effect in India on July 1, 2017.
VAT Application
- VAT primarily applies to goods and services at each stage of the supply chain, from production to consumption.
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