Question 1

What is GST?

Accepted Answer

GST (Goods and Services Tax) is an indirect tax levied on the supply of goods and services in India. It replaced multiple indirect taxes like VAT, service tax, and excise duty.

Question 2

What are the GST rates in India?

Accepted Answer

GST rates in India are 0%, 5%, 12%, 18%, and 28%. Essential items are taxed at 0%, household necessities at 5%, processed foods at 12%, most goods and services at 18%, and luxury items at 28%.

Question 3

What is the difference between CGST, SGST, and IGST?

Accepted Answer

CGST (Central GST) and SGST (State GST) are levied on intra-state transactions and split equally. IGST (Integrated GST) is levied on inter-state transactions at the full GST rate.

Question 4

How to calculate GST?

Accepted Answer

To add GST: GST Amount = (Original Amount × GST Rate) / 100. Total = Original Amount + GST Amount. To remove GST: Original Amount = Total Amount / (1 + GST Rate/100). GST Amount = Total Amount - Original Amount.

Question 5

What is GST Exclusive and GST Inclusive?

Accepted Answer

GST Exclusive means the price does not include GST, and you need to add GST to get the final price. GST Inclusive means the price already includes GST, and you need to extract the GST component from the total.

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