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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
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B
2 only
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C
Both 1 and 2
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D
Neither 1 nor 2
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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.


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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
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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:
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2. Proceeds of this cess will be distributed among the states.
Which of the statements given above is/are correct?
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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
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2. Decisions taken in the council is binding upon the central government.
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