2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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50
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66
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12
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5
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Detailed explanation-1: -On such rental services of goods carriages where the cost of fuel is in included in the consideration charged from the recipient of service, GST rate has been reduced from 18% to 12% with effect from 18.07. 2022. Prior to 18.07. 2022, it attracted GST at the rate of 18%.
Detailed explanation-2: -GST rates have been set in five slabs based on the HSN or SAC code, namely NIL, 5%, 12%, 18%, and 28%.
Detailed explanation-3: -GST was introduced in July 2017 with an aim to make India ‘one nation, one market, one tax’. However, with the rollout of GST tax slab for various goods and services changed. The government has categorised 1211 items under various tax slabs.
Detailed explanation-4: -Recently, the government decided to lower the e-invoice threshold limit to Rs. 10 Cr. i.e. businesses with an annual aggregate turnover of Rs. 10 Cr. or more in any financial year from 2017-18 onwards need to mandatorily start generating IRN from October 1, 2022 as per GST notification 17/2022.