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Questions and Answers
Which tax system is GST a successor to in India?
Which tax system is GST a successor to in India?
- Property tax
- Income tax
- Sales tax
- Value Added Tax (VAT) (correct)
What is the main difference between GST and VAT?
What is the main difference between GST and VAT?
- GST has different tax slabs compared to VAT
- GST is a digitalized form of VAT (correct)
- GST is imposed at every step in the production process
- GST is collected from point of origin
Which of the following is NOT taxed under GST?
Which of the following is NOT taxed under GST?
- Petroleum products
- Consumer goods (correct)
- Electricity
- Alcoholic drinks
What is the purpose of refunding GST to parties involved in the production process?
What is the purpose of refunding GST to parties involved in the production process?
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How many different tax slabs are there under GST?
How many different tax slabs are there under GST?
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