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GST FAQ’s: GST is the type of tax which is been taxed in our countries and the states. So as this GST is been proposed to equate at all stages i.e right from manufacture to the final consumption with the credit of taxes that are to be paid at different stages.  In this article we are going to view the basic FAQ’s about GST FAQ’s. So the following are some of the FAQ’s of GST.

gst faq

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  1. What is Goods and Service Tax (GST)?
  2. What exactly is the concept of destination based tax on consumption?
  3. Which of the existing taxes are proposed to be subsumed under GST?
  4. What principles were adopted for subsuming the above taxes under GST?
  5. Which are the commodities proposed to be kept outside the purview of GST?
  6. What will be the status in respect of taxation of above commodities after introduction of GST?
  7. What will be status of Tobacco and Tobacco products under the GST regime?
  8. What type of GST is proposed to be implemented?
  9. Why is Dual GST required?
  10. Which authority will levy and administer GST?
  11. Why was the Constitution of India amended recently in the context of GST?
  12. How a particular transaction of goods and services would be taxed simultaneously under Central GST (CGST) and State GST (SGST)?
  13. What are the benefits which the Country will accrue from GST?
  14. What is IGST?
  15. Who will decide rates for levy of GST?
  16. What would be the role of GST Council?
  17. What is the guiding principle of GST Council?
  18. How will decisions be taken by GST Council?
  19. Who is liable to pay GST under the proposed GST regime?
  20. What are the benefits available to small tax payers under the GST regime?
  21. How will the goods and services be classified under GST regime?
  22. How will imports be taxed under GST?
  23. How will Exports be treated under GST?
  24. What is the scope of composition scheme under GST?
  25. What is GSTN and its role in the GST regime?
  26. How are the disputes going to be resolved under the GST regime?
  27. What are the other legislative requirements for introduction of the GST?
  28. What is the taxable event under GST?
  29. What will be the implications in case of purchase of goods from unregistered dealers?
  30. In respect of exchange of goods, namely gold watch for restaurant services will the transaction be taxable as two different supplies or will it be taxable only in the hands of the main supplier?
  31. Who can notify a transaction to be supply of goods and/or services?
  32. Will a taxable person be eligible to opt for composition scheme only for one out of 3 business verticals? Can composition scheme be availed if the taxable person effects inter-State supplies?
  33. Can the taxable person under composition scheme claim input tax credit?
  34. Can composition tax be collected from customers?
  35. What is the threshold for opting to pay tax under the composition scheme?
  36. What is the minimum rate of tax prescribed for composition scheme?
  37. What is remission of tax/duty?
  38. Whether remission is allowed under GST law?
  39. Whether remission is allowed for goods lost or destroyed before supply?
  40. Whether remission is allowed on goods lost or destroyed for all reasons?
  41. What is advantage of taking registration in GST?
  42. Can a person without GST registration claim ITC and collect tax?
  43. What will be the effective date of registration?
  44. Who are the persons liable to take a Registration under the Model GST Law?
  45. Which are the cases in which registration is compulsory?
  46. What is the time limit for taking a Registration under Model GST Law?
  47. If a person is operating in different states, with the same PAN number, whether he can operate with a single Registration?
  48. Is possession of a Permanent Account Number (PAN) mandatory for obtaining a Registration?
  49. Whether the Registration granted to any person is permanent?
  50. What is the responsibility of the taxable person supplying to UN bodies?
  51. What is the taxable event under GST?
  52. What is a taxable supply?
  53. What are the necessary elements that constitute supply under MGL?
  54. Can a transaction in which any one or more of the above criteria is not fulfilled, be still considered as supply under GST? Are self-supplies taxable under GST?
  55. What do you mean by “supply made in the course or furtherance of business”?
  56. What are inter-state supplies and intra-state supplies?
  57. What is time of supply?
  58. When does the liability to charge GST arise in respect of supply of goods?
  59. When does the liability to pay GST arise in respect of supply of services?
  60. What is the value of taxable supply to be adopted for the levy of GST?



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