Question and Answers on GST

Question No.1:

What kind of Taxes will GST replace?

1. Central Excise Tax
2. Service Tax
3. Entertainment Tax
4. All the types of taxes

Answer: GST will remove or replace all the types of taxes that will include Entry Tax, Luxury Tax, Purchase Tax, Octrol, Service Tax, Central Excise Tax etc on goods and services.

Question No: 2

What does G stands for in GST?

1. General
2. Global
3. Goods
4. Great

Answer: G in GST stands for Goods and Service Tax Bill

Question No: 3

What is GST officially called?

GST is also known as The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014

Question No: 4

To what percent there will be economic growth in the country with the help of GST?

The economic growth will be 1- 1.5% per year

Question No: 5 

What industries will GST benefit?

GST will benefit Trade and agriculture industry the most

Question No: 6

Will GST benefit Importers OR Exporters?

GST will benefit exporters more than importers.

Question No: 7

Which areas will be benefitted more by GST?

GST will be more advantageous to small traders and entrepreneurs

Question No: 8

Will Common Consumers be benefited from GST?

Yes, it will also be advantageous for the common customers.

Question No: 9 

What are the two types of GST? 

Central GST and State GST’

Question No: 10

What is Dual GST?

Dual GST will help in maintaining the Fiscal Federalism for both the central and state government.

Question No: 11

What type of Taxes comes under the GST?

Indirect taxes comes under the GST

Question No: 12

What is the basic need of GST to be implemented successfully?

The Revenue Fairness of Both State and Union is required.

Question No: 13

What is Threshold Exemption from GST?

It is created to keep small traders away from the tax net

Question No: 14

What will be the status of cross utilization of goods and services to be allowed under GST? 

Yes, cross utilization of goods and services to be allowed under GST

Question No: 15

What is the name of Committee organized for taking judicial measures for CGST and SGST?

Joint Working Group is appointed for taking legislative measure.



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