GST Quiz
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GST Quiz

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@InestimableParadise

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Questions and Answers

Where is VAT primarily used?

  • North American countries
  • Asian countries
  • European countries (correct)
  • African countries
  • 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?

  • 29th March 2017
  • 1st January 2017
  • 1st July 2017 (correct)
  • 15th April 2017
  • Where is GST primarily used?

    <p>Countries around the world</p> Signup and view all the answers

    What does VAT primarily apply to?

    <p>Wider range of goods and services</p> Signup and view all the answers

    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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    Description

    Test your knowledge of Goods and Services Tax (GST) with this quiz. Explore the definition, types, and calculation methods of GST to enhance your understanding of this important tax system.

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