CURRENT AFFAIRS

2020

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Government of India has decided to exempt Integrated Goods and Services Tax (IGST) for which of the following product?
A
PPE, ventilators, sanitizers, masks
B
Cars, Bikes, Trucks
C
Food items
D
Agriculture Products
Explanation: 

Detailed explanation-1: -IGST will be applicable on any supply of goods and/or services in both cases of import into India and export from India. Note: Under IGST, Exports would be zero-rated.

Detailed explanation-2: -IGST is a mechanism to monitor the inter-state trade of Goods and services and further to ensure that the SGST component accrues to the consumer state. It would maintain the integrity of Input Tax Credit (hereinafter referred to as “ITC”) chain in inter-state supplies.

Detailed explanation-3: -Services by way of public conveniences such as the provision of facilities of bathroom, washrooms, lavatories, urinal or toilets; Services by government, local authority or a governmental authority by way of any activity in relation to any function entrusted to a municipality under Article 243 W of the Constitution.

Detailed explanation-4: -Exempted goods under GST Non-GST goods include fish, egg, fresh milk, etc. Grapes, melons, ginger, garlic, unroasted coffee beans, green tea leaves that are not processed, and more. Food items that are not put into branded containers like rice, hulled cereal grains, wheat, corn, etc. Components like human blood.

There is 1 question to complete.