Podcast
Questions and Answers
How does GST help in mitigating the ill effects of cascading?
How does GST help in mitigating the ill effects of cascading?
- By allowing a set-off of prior-stage taxes for transactions in the same value chain. (correct)
- By imposing an additional tax on small traders and entrepreneurs.
- By increasing the threshold for GST registration for small businesses.
- By subsuming all Central taxes but not State taxes.
What benefit does GST provide to small traders and entrepreneurs?
What benefit does GST provide to small traders and entrepreneurs?
- Exemption from paying any taxes.
- Mandatory registration in multiple states.
- Requirement to pay extra taxes compared to larger businesses.
- Access to the composition scheme. (correct)
Which states are categorized as Special Category States?
Which states are categorized as Special Category States?
- Kerala, Tamil Nadu, and Karnataka.
- Bihar, Odisha, and West Bengal.
- Arunachal Pradesh, Assam, and Sikkim. (correct)
- Goa, Gujarat, and Maharashtra.
What is the tax status of tobacco under GST?
What is the tax status of tobacco under GST?
How does GST registration benefit small businesses?
How does GST registration benefit small businesses?
What is one of the benefits of the composition scheme for small enterprises?
What is one of the benefits of the composition scheme for small enterprises?
How does GST contribute to improving liquidity of businesses?
How does GST contribute to improving liquidity of businesses?
What impact does GST have on a seamless national market for small enterprises?
What impact does GST have on a seamless national market for small enterprises?
What are some indicative indicators of services being bundled in the ordinary course of business?
What are some indicative indicators of services being bundled in the ordinary course of business?
Which factor affects whether a service is naturally bundled in the ordinary course of business?
Which factor affects whether a service is naturally bundled in the ordinary course of business?
What must be done to determine if a service is naturally bundled in the ordinary course of business under GST?
What must be done to determine if a service is naturally bundled in the ordinary course of business under GST?
What should be done if one element is removed from a bundled service?
What should be done if one element is removed from a bundled service?
How does GST help in classifying composite supplies?
How does GST help in classifying composite supplies?
In the example of Poshaak Manufacturers and Cheeku Ltd., what constitutes the composite supply?
In the example of Poshaak Manufacturers and Cheeku Ltd., what constitutes the composite supply?
Which of the following is NOT an indicative indicator of services being bundled in the ordinary course of business?
Which of the following is NOT an indicative indicator of services being bundled in the ordinary course of business?
Why is there no fixed formula for determining naturally bundled services in business under GST?
Why is there no fixed formula for determining naturally bundled services in business under GST?
What action should be taken if one element of a bundled service is removed?
What action should be taken if one element of a bundled service is removed?
What plays a crucial role in determining if a service is naturally bundled in the ordinary course of business under GST?
What plays a crucial role in determining if a service is naturally bundled in the ordinary course of business under GST?
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