GST Exam Preparation

IGST is a tax levied on inter-state supply of goods and services, with features including seamless credit and dual control.

GST is a single tax on the supply of goods and services, levied at each stage of the supply chain, with examples illustrating input tax credit.

The composition levy allows small taxpayers to pay tax at a fixed rate on turnover, with examples illustrating eligibility and benefits.

The registration process involves submitting an application, verification of documents, and issuance of GSTIN.

Aggregate turnover for composition scheme includes all taxable supplies but excludes certain supplies like exempt supplies.

Exemptions under IGST include specific goods and services that are not subject to tax, as defined in the Act.

Filing provisions include deadlines for different types of returns and the requirement for maintaining proper records.

Provisions include penalties for non-compliance and the process for filing appeals against GST orders.

Time of supply under reverse charge is the date of receipt of goods or the date of payment, whichever is earlier.

Guiding principles of GST include simplicity, transparency, and efficiency.

Registration can be cancelled if the dealer is no longer liable to pay tax or fails to comply with regulations.

Input tax credit is the credit received for the tax paid on inputs used for taxable supplies.

A debit note is a document issued to indicate a reduction in the amount owed by a buyer.

A credit note is a document issued to indicate an increase in the amount owed to a seller.

A tax invoice is a document issued by a seller to a buyer, detailing the tax charged on the sale.

The GST Council decides the rates of GST.