Practice Goods And Services Tax (gst) (1.1) - Commercial Mathematics

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9 questions

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3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Define GST.
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Think about where this tax applies.
Question 2.
What does CGST stand for?
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Recall which level of government collects it.
3Question 3.
What does GST stand for?
- Goods and Services Tax
- General Sales Tax
- Government Service Tax
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Focus on what it taxes.
4Question 4.
True or False: IGST applies to intra-state transactions.
- True
- False
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Recall the three components of GST.
Question 5.
A company sells a product for ₹100,000 and charges 18% GST. If they have paid ₹12,000 in Input GST this year, what does the total GST due to the government?
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Calculate output first, then subtract Input GST.
Question 6.
Discuss how a change in GST rate from 18% to 12% affects Net GST and the pricing strategy for a business.
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Think about customer impact as well!

5 more questions in this section. Enroll free to practise them all.