wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Byju's Answer
Standard X
Mathematics
IGST
With referenc...
Question

With reference to CGST, consider the following statements:

1. GST Council is the final authority to decide the rates of CGST.
2. CGST is levied within the boundary of the states.

Which of the statements given above is/are correct?

A
1 only
No worries! We‘ve got your back. Try BYJU‘S free classes today!
B
2 only
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C
Both 1 and 2
No worries! We‘ve got your back. Try BYJU‘S free classes today!
D
Neither 1 nor 2
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B 2 only

Article 279 make provisions for GST council which is empowered to make decisions on CGST,IGST & SGST.So GST Council is the final authority to decide the rates of CGST.

SGST & CGST are intra-state taxes.


flag
Suggest Corrections
thumbs-up
0
similar_icon
Similar questions
Q. 66. Consider the following statements regarding National Anti-Profiteering Authority (NAA),
1. The Authority is mandated to ensure that the benefits of the reduction in GST rates are passed on to the ultimate consumers.
2. In all cases, the NAA can ask company to transfer amount to the 'Consumer Welfare Fund', as provided under CGST Act.
Select the correct answer using the following code.
Q. Journalise the following transactions in the books of Afzal, Kolkata and post them to the Ledger:
2018 ₹
Jan. 1 Started business with cash* 1,00,000
Jan. 3 Bought goods on credit from Gupta & Co., Delhi 20,000
Jan. 5 Cash sales 5,000
Jan. 8 Cash purchases 8,000
Jan. 10 Sold goods to Ahmed & Co., Lucknow 10,000
Jan. 11 Deposited cash in bank* 50,000
Jan. 13 Purchased a computer for office 20,000
Jan. 15 Took a loan from Mehboob* 70,000
Jan. 16 Goods returned by Ahmed & Co. 2,000
Jan. 17 Purchased furniture from Mehfil Mart, Kolkata 10,000
Jan. 18 Paid interest to Mehboob* 2,000
Jan. 19 Received claim from Ahmed & Co. for defects in goods supplied to them. Claim was accepted and rebate was allowed.* 1,000
Jan. 22 Paid rent by cheque 2,000
Jan. 24 Withdrew from bank* 20,000
Jan. 25 Sales of goods at counter after allowing trade discount of 10% 10,000
Jan. 26 Goods purchased from Gupta & Co., Delhi were destroyed by accident 10,000
Jan. 27 Advertisement expenses paid through bank 5,000
Jan. 28 Ahmed & Co. settled their account by cheque* 7,000
Jan. 29 Paid to Gupta & Co. by cheque* 18,000
Discount allowed by them* 2,000
Jan. 31 Sold old newspapers 500

Intra-state transactions are subject to levy of CGST and SGST @ 6% each whereas inter-state transactions are subject to levy of IGST @ 12%. Out of the above transactions, transactions marked (*) are not subject to levy of GST.
Q. With reference to the Compensation Cess, consider the following statements:
1. It can be levied by both the Centre and states.
2. Proceeds of this cess will be distributed among the states.
Which of the statements given above is/are correct?
Q.

Q. With reference to the legislative council of a state, consider the following statements:

Which of the statements given above is/are correct?


  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2
Q. With reference to the Inter-State council consider the following statements:
1. It is an institution with constitutional provisions.
2. Decisions taken in the council is binding upon the central government.
Which of the statements given above is/are correct?
View More
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Gas
MATHEMATICS
Watch in App
explore_more_icon
Explore more
IGST
Standard X Mathematics
Join BYJU'S Learning Program
book_image
AI Tutor
book_image
Textbooks
book_image
Question Papers
book_image
Install app
CrossIcon