GK
TAXES IN INDIA
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Sales tax
|
|
|
Excise tax
|
|
|
Service tax
|
|
|
Central sales tax
|
Detailed explanation-1: -Central Sales tax refers to the tax levied on sales generated during inter-state trade and commerce in a country. In essence it is the tax one has to pay on the sale of goods which are sold through inter-state trade.
Detailed explanation-2: -CST is imposed when sale of goods from one state to another state. CST is levied when the goods are transferred or at the time of generating invoice whichever is earlier. For example, if sale of goods is moved from Mumbai to Bangalore, CST is levied.
Detailed explanation-3: -The GST to be levied by the Centre on intra-State supply of goods and /or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST (SGST). Similarly Integrated GST (IGST) will be levied and administered by Centre on every inter-state supply of goods and services.
Detailed explanation-4: -(c) “declared goods” means goods declared under section 14 to be of special importance in inter-State trade or commerce; (d) “goods” includes all materials, articles, commodities and all other kinds of movable property, but does not include 1[newspapers] actionable claims, stocks, shares and securities.