GST Current affairs June 2017, GST Question Answers

GST Current affairs 30 June 2017, GST question answers : Here we are providing current affairs and frequently asked questions with answers about GST. GST general knowledge question answers, gst quiz question answers and gst objective question answers. All the gst related question answers are useful for interviews, competitive exams such as IBPS, RAILWAY, PSC, SSC, DEFENCE, UPSC etc.

Goods and Services Tax(GST), starts from 30 June midnight, which is applicable for all Indian states and Union territories except the state of Jammu and Kashmir. Introducing of GST is a revolutionary step which will bring a major change in entire tax system within country. After passing the GST bill, in both house of Indian parliament, it officially launches on 30 June midnight 2017.

Question Answers on GST-2017

Q. What is the full form of GST?

Ans: Goods and Services Tax

Q. Is GST direct or indirect tax?

Ans: GST is an indirect tax

Q. What are the goods and services tax rates under GST bill?

Ans: 0%, 5%, 12%, 18% and 28%

Q. What type of commodities are cheaper by GST?

Ans: Daily needs like rice, flour, mustard oil, coconut oil, wheat, spices, stationary goods, luxury car, scooter, bike, mobile, petroleum goods, helmet and many more.

Q. What type of commodities are costlier by GST?

Ans: Tv, Freeze, Washing machine, school fees etc

Q. The adoption of gst follows which ammendment of the Indian constitution?

Ans: 122nd Amendment

Q. In which year the Constitution Amendment Bill regarding GST was passed in Lok Sabha?

Ans: August 2016

Q. What is GST bill?

Ans: It is a bill introduced and passed by the Union Government

Q. What is GST law?

Ans: A 21 members Select Committee is engaged to look into GST law, where all GST related issues can be resolved.

Q. Will income tax be reduced by GST?

Ans: No there is no relation between GST and income tax

Q. What is CGST?

Ans: CGST is Central Goods and Services Tax levied by the Union Government, any transaction made within a single state.(transactions such as sale, purchase, import, lease, transfer etc)

Q. What is SGST?

Ans: SGST is State Goods and Services Tax levied by a State Government on any transactions.

Q. What is IGST?

Ans: IGST is Integrated Goods and Services Tax levied by the Union Government on inter-state transactions.(transactions such as imported goods and services)

Q. What is GSTN?

Ans: The full form of GSTN is Goods and Services Tax Network which is a platform to cooperate among all concerned parties, stakeholders, taxpayers, government on a single portal

Q. Is entertainment tax under GST?

Ans: Yes

Q. Is purchase tax under GST?

Ans: Yes

Q. Is advertisement tax under GST?

Ans: Yes

Q. Is luxury tax under GST?

Ans: Yes

Q. Is commercial tax under GST?

Ans: Yes

Q. Is central excise duty under GST?

Ans : Yes

Q. Is entry tax under GST?

Ans: yes

Q. Is food tax under GST?

Ans: Yes

Q. Is service tax under GST?

Ans: Yes

Q. Is value added tax(vat) under GST?

Ans: Yes

Q. Who is the Chairman of the GST Council?

Ans: Finance Minister of India

Q. By which body GST is governed?

Ans: The GST is governed by GST Council

Q. What two things are excluded from GST?

Ans: Sale of security and purchase of security.

Q. If one consume for goods or services within a single state, he does pay GST to Central or State government?

Ans: State government

Q. Who introduced the first GST Bill in Lok Sabha in 2015?

Ans: Finance Minister Arun Jaitley

Q. How to register on GST?

Ans: Official website for new and temporary gst registration is https://reg.gst.gov.in/registration/

Q. What is the first country to indroduce GST system?

Ans: France introduced this in 1954

GST Highlights October 2017

Recently the central government has reduced goods and services tax rates of 27 items at a meeting held by GST Council. Here is a complete list of those items which got cheaper.

Q. How many items got cheaper and how much gst has been reduced by gst council?

Answer: GST reduced on 27 items and here is a list of all those

1. Mangoes sliced dried – gst rate cut from 12 to 5%

2. Khakra and plain chapati/roti – cut from 12 to 5%

3. Poster colour – cut from 28 to 18%

4. Unbranded Ayurvedic, Unani, Siddha, Homoeopathy medicines – cut from 12 to 5%

5. Unbranded Namkeens – cut from 12 to 5 percent

6. Rubber waste, pairings or scrap – cut from 18 to 5%

7. Plastic waste, pairings or scrap – cut from 18 to 5%

8. Modelling paste for children amusement – cut from 28 to 18%

9. Paper waste or scrap – cut from 12 to 5%

10. Hard rubber waste or scrap – cut from 28 to 5%

11. Duty credit scrips – cut from 5 percent to nil

12. All synthetic filament yarn like nylon, polyester,acrylic – cut from 18 to 12%

13. All arificial filament yarn like viscose, rayon, cuprammonium – cut from 18 to 12%

14. Sewing thread of manmade filaments whether or not put up for retail sail – cut from 18 to 12 %

15. Sewing thread of manmade staple fibres – cut from 18 to 12%

16. Yarn of manmade staple fibres – from 18 to 12%

17. Cullet or other waste or scrap of glass – from 18 to 5 %

18. Real zari – from 12 to 5%

19. All goods falling under heading(other than those of marble and grnaite or those which attract 12% gst) – cut from 28 to 18%

20. Plain shaft bearings – cut from 28 to 18%

21.Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similae office articles of base metal; staples in strips(for example, for offices, upholstery, packaging), of base metal – cut from 28 to 18%

22. Imposing GST only on the net quantity of superior kerosine oil(SKO) retained for the manufacture of Linear Alkyle Benzine(LAB) – from 18 to 18%(clarification to be issued)

23. Parts suitable for use solely or principally with fixed speed diesel engines of power not excedeeding 15 HP – cut from 28 to 18%

24. Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps(horizontal or vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow verical pumps – cut from 28 to 18%

25. E-waste – 28 percent to 5 percent

26. Biomass briquetts – from 18 to 5 percent

27. Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government, subject to specified conditions – from 18 to 5%