#GST - Important Facts#

#important  questions for banking#
Q. How is GST officially known as ?
Ans – The Constitution 122nd Amendment Bill, 2014
Q. When will the bill come in to effect ?
Ans – From April 1, 2017.
Q. When was GST first discussed ?
Ans – In the report of the Kelkar Task Force on Indirect Taxes in 2003.
Q. How many countries have implemented GST/ VAT so far ?
Ans – Around 160 Countries
Q. Difference between VAT and GST –
Ans – Both are same if they include both Value Added on Goods and Services Tax. You can call it by either name. But if you don’t include Service Tax, it is only VAT.
Q. Which is the first state of India to ratify the GST ?
Ans – Assam
Q. Of which Article of Constitution, the Bill is linked ?
Ans – The Act came in to existence in accordance with the provisions of Article 368 of the Constitution.
Q. How many components of GST shall be keeping in view of the federal structure of India ?
Ans – Two Components namely Central GST ( CGST) and State GST ( SGST ).
Q. Who chairs the GST council ?
Ans – Union Finance Minister
Q. Who shall be the members of GST Council ?
Ans – All the State Governments
Q. For how many years will the state govt seek compensation for loss of revenue arising on account of implementation of the Goods and Services Tax ?
Ans – For Five Years
Q. How much additional tax can the Centre impose on the inter-state supply of goods for two years or more ?
Ans – Up to 1%
Q. What is the exemption threshold under GST ?
Ans – Rs 20 lakh turnover and Rs 10 lakh for the North-Eastern States and other Small States.
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