CameraIcon

SearchIcon

MyQuestionIcon

2

You visited us 2 times! Enjoying our articles? Unlock Full Access!

Sales Tax / VAT

On what is Go...

Question

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

A

Cost Price

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

Selling Price

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

Marked Price

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

Discount

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B
Selling Price

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

Suggest Corrections

thumbs-up

2

Similar questions

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

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?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Sales Tax and Value Added Tax

MATHEMATICS

Watch in App

explore_more_icon

Explore more

Sales Tax / VAT

Standard VIII Mathematics

Join BYJU'S Learning Program

CrossIcon