Question 1

What is GST?

Accepted Answer

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. It has replaced multiple indirect taxes like VAT, excise duty, and service tax.

Question 2

How to calculate GST?

Accepted Answer

For exclusive GST: GST Amount = (Original Amount × GST Rate) / 100. Total = Original Amount + GST Amount. For inclusive GST: Base Amount = Original Amount / (1 + GST Rate/100). GST Amount = Original Amount - Base Amount.

Question 3

What is the difference between CGST, SGST, and IGST?

Accepted Answer

CGST (Central GST) and SGST (State GST) are charged on intra-state transactions (within the same state), each being half of the total GST rate. IGST (Integrated GST) is charged on inter-state transactions (between different states) at the full GST rate.

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