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Sales Tax / VAT

On what is Go...

Question

On what is Goods and Service Tax (GST) levied?

A

Cost Price

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B

Selling Price

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C

Marked Price

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D

Discount

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Solution

The correct option is B
Selling Price

Goods and Service Tax (GST) is levied on selling price.

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Similar questions

Q. The prime objective of GST implementation is to ________ the multiple levy of tax on goods and services.

Q. GST is a _____________ based tax and levied at a single point at the time of ___________ of goods and services.

With Goods and Services Tax (GST)
Journalise the following transactions of Singh Enterprises, Delhi:

2017
June 1
June 2
June 3
June 4
June 11
June 13
June 17
June 20
June 27
June 30

Started business with cash
Deposited cheque from Savings Account in firm's account
Received cash from Ram
Purchased goods for cash
Sold goods to M/s. Hari Sales, Delhi
Paid to Ramavtar
Received from M/s. Hari Sales
Bought furniture from S.R. Furnishers against Cash (including CGST and SGST)
Paid rent
Paid salary

50,000
2,00,000
50,000
15,000
12,000
40,000
10,000
22,400
28,000
50,000

CGST and SGST @ 6% each is levied on Intra-state sale and purchase.

Q. How is the goods and services tax (GST) more beneficial than the earlier indirect tax system?

Q. Which of the following statement is correct about GST?
(i) GST is the ‘one point tax’.
(ii) This aims to replace all direct taxes levied on goods and services by the Central and State governments.
(iii) It will be implemented from 1 July 2017 through out the country.
(iv) It will unified the tax structure in India.

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