Indirect Tax

Question 1

To check malpractices in GST __ has been introduced. Subsumed__ indirect taxes.
Subsumed or not?
Excise duty VAT on alcohol for human consumption Service Tax VAT Luxury tax Basic Custom Duty Anti-Dumping Duty Central Excise on Petroleum Products Stamp Duty Property Tax (levied by local bodies) Professional Tax

Answer 1

Aadhar authentication or physical verification mandatory.
17.
Yes. No. Yes. Yes. Yes. No. No. No. No. No. No.

Question 2

currently levied on EVERY product except-
(remember the distinction between exempt and outside the gst ambit).
GST launched in___ in the __ session of the parliament.

Answer 2

Petroleum products, Alcohol, real estate, electricity.

2017, special session.

Question 3

Acc to the latest revision most of the daily use articles have__ GST.
Cess is levied on___

Answer 3

zero.

Automobiles, luxury, demerit or sin goods

Question 4

GST collection rose by __ to cross Rs 1 lakh crore.

Compensation cess is charged on __ and compensate any loss in first __ years to the states.

Answer 4

6%
However it was low before, therefore there might be the shortage in compensation fund.
Luxury and sin goods.
five years.

Question 5

GST council is a __ under article__ for making __ to union and states for GST.
chair-
other members-

Answer 5

Constitutional body.
279A
Union Finance Minister.
Other members are Union State Minister of
Revenue or Finance and Ministers in-charge of Finance or Taxation
of all the States.

Question 6

Decision taken on majority of not less than __ of __ of the member__.
Central govt weightage is __ and that of the states altogether is__.

Answer 6

3/4th- three fourth of the weighted votes of the members present.
1/3rd and 2/3rds of the TOTAL vote CAST.

Question 7

Recent meeting is __. _ for state run and state authoriszed __ coz currently we have dual rates –on state run and –on state authorised or private lotteries.

Imp coz council for the first time exercised the option of __ to decide on GST rate on lottery.

Answer 7

38th.
28% on lottery.
12% and 28%
voting.

Question 8

Reverse charge mechanism- generally GST is paid by the__. But when the liability is on __ then is called reverse charge.

Answer 8

Supplier.
Buyer.
Happens when supplier is not registered to pay GST or in cases of import.

Question 9

E-way bill- to be carried by the person who __ g&s exceeding__ for sales beyond__in GST regime.
generated from__ by registered persons__ movement.
For compensation FY__ is considered as the base year for calculation of __growth. Collection of the compensation cess goes into __ and then to__ in the __

Answer 9

Transports, 50k, 10km.
GST common portal, before.
FY16, 14%.
The consolidated fund of India, transferred to Public account of India where a GST compensation cess account has been created.

Question 10

NAA- section 171 of Central GST act,2017. Therefore, __body.
Sabka Vishwas-Legacy Dispute regulation scheme- settle__ of __.
Two main components-
DR- __ and A- __

Answer 10

Statutory.
Pending disputes of Service tax and central excise which are subsumed under GST.
Dispute Resolution and Amnesty.
DR- liquidates pending legacy cases of Service tax and central excise
Amnesty- tax payers can pay the outstanding tax free of any other consequences under the law.