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gst definition


Important GST Definitions.
Section 2 of the CGST Act, 2017 contains the definitions of various terms used at several
places in the GST Act.

Online exam in GST Definition

mock test in gst definition

Subject :- GST CA Inter

Chapter :- Definitions – Test 1

Questions :- 30

GST was first levied by France in 1954.

GST is a destination based tax

GST is technically paid by suppliers but it is actually funded by consumers

GST is collected through a staged process i.e. a tax on the value added to goods or
services at every point in the supply chain

Under GST, input tax credit is provided throughout the value chain for creditable

GST is one of the biggest taxation reforms in India aiming to integrate State economies
and boost overall growth by creating a single, unified Indian market to make the
economy stronger.

Taxes which have been subsumed under GST are as follows:
Central taxes
Central Excise Duty
Duties of Excise (Medicinal and Toilet
Additional Duties of Excise (Goods of
Special Importance)
Additional Duties of Excise (Textiles and
Textile Products)
Additional Duties of Customs
(commonly known as CVD)
Special Additional Duty of Customs
Service Tax
Cesses and surcharges insofar as they
relate to supply of goods or services

State taxes
State VAT
Central Sales Tax
Purchase Tax
Luxury Tax
Entry Tax (All forms
Entertainment Tax (except those
levied by the local bodies)
Taxes on advertisements
Taxes on lotteries, betting and
State cesses and surcharges
insofar as they relate to supply of
goods or services

GST Council
GST Council is the main decision-making body that has been formed to finalize the
design of GST

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