BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Negative Net Worth
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Non registration under GST
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Adverse labor relations
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Litigation issues
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Detailed explanation-1: -Every person who supplies taxable services and the aggregate turnover exceeds Rs. 20 lakhs in a financial year then shall be liable to register under the GST Act.
Detailed explanation-2: -Excise on Alcohol is thus not subsumed under GST. Basic Customs duty is the tax imposed on goods when they are transported across international borders.
Detailed explanation-3: -There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). The taxation rate under each of them is different.
Detailed explanation-4: -“Non-taxable supply” means a supply of goods or services or both which is not leviable to tax under the CGST Act or under the IGST Act. A transaction must be a ‘supply’ as defined under the GST law to qualify as a non-taxable supply under the GST.