Flashcard 1
Q: What is a Tax?
A: A tax is a mandatory financial charge imposed by the government on individuals or property to
support government spending. It is an enforced contribution, not a voluntary payment.
Flashcard 2
Q: Why are Taxes Levied?
A: Taxes are a major source of government revenue, supporting public services like defense,
education, and healthcare. They also help the government meet socio-economic goals.
Flashcard 3
Q: What are Direct Taxes?
A: Direct taxes are paid directly by taxpayers to the government and cannot be shifted to others.
They are progressive, meaning higher income leads to higher tax.
Flashcard 4
Q: Examples of Direct Taxes
A: Income Tax, Professional Tax, and Corporate Tax.
Flashcard 5
Q: What are Indirect Taxes?
A: Indirect taxes are paid by consumers through a dealer. They are regressive, as they apply equally
regardless of income level, and the tax burden can be shifted.
Flashcard 6
Q: Examples of Indirect Taxes
A: GST, Customs Duty, Value Added Tax (VAT), Excise Duty, and Service Tax.
Flashcard 7
Q: Differences between Direct and Indirect Tax
A: Direct tax is imposed directly on income/wealth and has no burden shift, while indirect tax is on
goods/services prices, with the burden on the final consumer.
Flashcard 8
Q: Features of Indirect Tax
A: Indirect taxes are a major revenue source, affect commodity prices, shift the burden to consumers,
have a wider tax base, and are regressive and inflationary.
Flashcard 9
Q: Advantages of Indirect Taxes
A: They are paid unknowingly by consumers, are easy for dealers to collect, provide significant
government revenue, have low collection costs, reduce tax evasion, and support industrial growth.
Flashcard 10
Q: Disadvantages of Indirect Taxes
A: They are regressive, reduce demand for goods/services, increase project costs, and sometimes
provide excessive protection to local industries.
These flashcards cover the key definitions, types, differences, features, advantages, and
disadvantages of indirect tax. Let me know if you'd like further details or any other topic-specific
flashcards!
Flashcard 1
Q: Who first introduced the concept of GST in India?
A: In 2000, Prime Minister Atal Bihari Vajpayee introduced the concept of GST and formed a
committee to design a model for India.
Flashcard 2
Q: What was the Kelkar Task Force?
A: In 2003, the central government formed a task force under Vijay Kelkar, which proposed a fully
integrated national GST model based on VAT.
Flashcard 3
Q: When was GST officially launched in India?
A: GST was launched on July 1, 2017, and on July 8, 2017, in Jammu & Kashmir.
Flashcard 4
Q: What does GST stand for?
A: Goods and Services Tax.
Flashcard 5
Q: What is CGST?
A: Central Goods and Services Tax, applied to transactions within a state, with revenue going to the
central government.
Flashcard 6
Q: What is SGST?
A: State Goods and Services Tax, applied to transactions within a state, with revenue going to the
state government.
Flashcard 7
Q: What is IGST?
A: Integrated Goods and Services Tax, applied to inter-state transactions, with revenue shared
between central and state governments.
Flashcard 8
Q: Where was the GST model in India adopted from?
A: India adopted its GST model from Canada, which follows a dual GST structure.
Flashcard 9
Q: Key Feature of GST: Value Added Tax
A: GST is levied on the value added at each stage of the supply chain, from production to
consumption.
Flashcard 10
Q: What does "No Cascading Effect" mean under GST?
A: There is no tax on tax under GST, as it only applies to value added, preventing multiple layers of
taxation.
Flashcard 11
Q: Main Benefit of GST in India?
A: Creation of a unified national market with consistent tax rates and no economic barriers across
states.
Flashcard 12
Q: How does GST support "Make in India"?
A: By making Indian goods and services competitive nationally and internationally.
Flashcard 13
Q: What is a "Taxable Supply" under GST?
A: It refers to the supply of goods or services that is subject to tax under GST laws.
Flashcard 14
Q: Define "Goods" under GST.
A: Movable property excluding money and securities, but includes actionable claims and certain
crops.
Flashcard 15
Q: Define "Services" under GST.
A: Anything other than goods, money, and securities, including currency conversion services.
These flashcards capture key concepts, definitions, and timelines related to GST in India. Let me
know if you'd like any additional flashcards on specific topics!
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Here are some flashcards based on the GST information provided:
Flashcard 1: Definition of Tax
Q: What is a tax according to Black's Law Dictionary?
A: A "pecuniary burden" imposed on individuals or property owners to support the government.
Flashcard 2: Purpose of Taxes
Q: Why are taxes levied by governments?
A: To generate revenue for expenses like defense, education, healthcare, and infrastructure.
Flashcard 3: Direct Tax vs. Indirect Tax
Q: What is the main difference between direct and indirect taxes?
A: Direct taxes are paid directly by the taxpayer (e.g., income tax), while indirect taxes are
transferred to the consumer via purchase prices (e.g., GST).
Flashcard 4: Indirect Tax Characteristics
Q: List three features of indirect taxes.
A: 1) They are regressive, impacting all income levels equally.
2) They increase prices, contributing to inflation.
3) They are embedded in prices, so consumers pay them unknowingly.
Flashcard 5: Benefits of GST in India
Q: Name two benefits of implementing GST in India.
A: 1) Creation of a unified national market.
2) Reduction of cascading tax effects.
Flashcard 6: GST Introduction Timeline
Q: When was GST introduced in India?
A: GST was implemented on July 1, 2017.
Flashcard 7: Abbreviation - CGST
Q: What does CGST stand for?
A: Central Goods and Services Tax.
Flashcard 8: GST as a Value-Added Tax
Q: How does GST function as a Value-Added Tax?
A: It taxes only the "value added" at each stage of production or service delivery, avoiding double
taxation.
Let me know if you'd like more flashcards or if there are specific topics you’d like included!
Flashcard 1:
Q: What is the "taxable event" under GST? A: The taxable event under GST is "Supply," meaning the
supply of goods, services, or both. This replaces prior events like sale, manufacture, or provision of
services as the key tax-triggering event.
Flashcard 2:
Q: What are the key constitutional provisions for GST in India? A:
Article 265: No tax shall be levied or collected except by the authority of law.
Article 245: Defines legislative powers for Union and State Legislatures.
Article 246A: Grants Parliament and State Legislatures the power to levy GST concurrently.
Flashcard 3:
Q: What are the two types of GST applied on intra-state and inter-state supplies? A:
Intra-State Supply: CGST (Central) and SGST (State) or UTGST (Union Territory) are applied.
Inter-State Supply: IGST (Integrated) is applied, which is shared between the Centre and State.
Flashcard 4:
Q: Define "Aggregate Turnover" under GST. A: Aggregate Turnover is the total value of all taxable
supplies (excluding inward supplies on which tax is payable on reverse charge), exempt supplies,
exports, and inter-state supplies under the same PAN, calculated on an all-India basis.
Flashcard 5:
Q: What are the GST tax rate categories in India? A:
5% - Basic necessities
12% - Essential goods
18% - Standard goods and services
28% - Luxury and demerit goods, with some attracting additional cess
Flashcard 6:
Q: What are the benefits of GST in India? A:
Unified national market.
Reduces cascading effect of taxes.
Simplifies multiple taxes into one system.
Supports the "Make in India" initiative by improving competitiveness.
Boosts government revenue by widening the tax base.
Flashcard 7:
Q: Define "Consideration" in the context of GST. A: Consideration is any payment made or to be
made (in money or otherwise) for the supply of goods or services, including any act or forbearance,
but excluding subsidies from the government.
These flashcards can help you remember key concepts about GST. Let me know if you'd like more or
specific details on any topic!
Here are flashcards in English based on the information provided about GST concepts like "Supply,"
"Composite Supply," and "Mixed Supply":
Flashcard 1:
Q: What is "Supply" under GST law? A: "Supply" includes all forms of supply of goods or services such
as sale, transfer, barter, exchange, license, rental, lease, or disposal for consideration in the course or
furtherance of business.
Flashcard 2:
Q: What is "Composite Supply"? A: A composite supply consists of two or more supplies naturally
bundled and supplied together, where one is a principal supply. GST rate for composite supply is
based on the principal supply.
Flashcard 3:
Q: Define "Mixed Supply". A: Mixed Supply includes two or more individual supplies of goods or
services made together for a single price. The highest rate of GST applicable on any of the items in
the bundle applies to the mixed supply.
Flashcard 4:
Q: What is the scope of supply under Section 7 of the GST Act? A: The scope of supply includes any
form of supply of goods or services for consideration (Section 7(1)(a)), import of services (Section
7(1)(b)), and specific activities listed in Schedule I, which are treated as supply even without
consideration.
Flashcard 5:
Q: What activities are treated as supply even without consideration under Schedule I? A: Examples
include permanent transfer of business assets on which input tax credit has been availed, supply
between related persons, supply between principal and agent, and import of services from related
persons outside India.
Flashcard 6:
Q: When does an "import of services" qualify as supply? A: Import of services is considered supply if
it is for a consideration, regardless of whether it is in the course or furtherance of business.
Flashcard 7:
Q: Give an example of "Supply between related persons". A: If an employer gives Diwali gifts
exceeding Rs. 50,000 to an employee, it is considered supply because employers and employees are
related persons under GST.
Flashcard 8:
Q: What is the tax treatment for stock transfers between different branches of the same entity? A:
Stock transfers between branches with separate GST registrations are treated as "supply" and are
subject to GST.
Flashcard 9:
Q: What is the GST implication of supply from a principal to an agent? A: The supply of goods from a
principal to an agent or vice versa qualifies as supply, even if it is without consideration, as long as
the agent undertakes to supply or receive goods on behalf of the principal.
Flashcard 10:
Q: Are services received from a head office outside India by a branch in India taxable under GST? A:
Yes, services received from a related entity (e.g., head office) outside India qualify as supply even
without payment, as they are covered by import of services rules.
These flashcards cover key concepts of "Supply," "Composite Supply," and "Mixed Supply" under the
GST Act. Let me know if you'd like more specific examples or additional details on any topic!
Flashcard 1
Q: What is Section 7(1A) of the CGST Act about?
A: It refers to Schedule II, which helps determine whether a transaction is considered a supply of
goods or a service to mitigate ambiguities in earlier tax laws.
Flashcard 2
Q: How are restaurant supplies treated under GST?
A: They are treated as composite supplies of service, meaning the entire invoice value is taxable as a
supply of service.
Flashcard 3
Q: What does Section 7(2) of the CGST Act specify?
A: Section 7(2) lists activities not considered a 'supply' for GST, such as services by employees to
employers and functions of Members of Parliament.
Flashcard 4
Q: What is a composite supply?
A: A composite supply involves two or more supplies naturally bundled together, with one as the
principal supply, and is taxed at the rate of the principal supply.
Flashcard 5
Q: What is a mixed supply under GST?
A: A mixed supply includes two or more independent supplies combined for a single price, taxed at
the highest applicable rate among them.
Flashcard 6
Q: Define 'exempt supply.'
A: Exempt supply refers to goods or services that attract a nil rate of tax or are fully exempt under
the CGST or IGST Act.
Flashcard 7
Q: What constitutes a 'taxable supply' under GST?
A: Taxable supply is any supply of goods or services that is subject to tax under the GST Act.
Flashcard 8
Q: What is an 'inward supply'?
A: Inward supply is the receipt of goods or services, through purchase or other means, with or
without consideration.
Flashcard 9
Q: Define 'outward supply.'
A: Outward supply refers to any sale, transfer, lease, or similar transaction made by a taxable person
in the course of business.
Flashcard 10
Q: Give an example of a supply as per the CGST Act.
A: Selling a laptop for a profit qualifies as a supply under Section 7(1)(a) since it's a sale in the course
of business.
Would you like more cards on specific topics?
Flashcard Set: GST Calculation Scenarios
Flashcard 1:
Q: In intra-state supply, if a manufacturer in Rajasthan sells goods worth ₹1,00,000 to a dealer in the
same state, what are the CGST and SGST if the GST rate is 18%?
A: CGST = ₹9,000 (9%), SGST = ₹9,000 (9%). Total GST = ₹18,000, so the final price is ₹1,18,000.
Flashcard 2:
Q: When a dealer resells goods after a 20% value addition, how is the selling price calculated?
A: Selling price = Cost price * (1 + Value addition%). For example, if the goods' initial price was
₹1,00,000 and the value addition is 20%, the new price is ₹1,20,000.
Flashcard 3:
Q: In an inter-state supply from Rajasthan to Madhya Pradesh, what tax is applied?
A: IGST is charged instead of CGST and SGST, using the total GST rate (e.g., 18%).
Flashcard 4:
Q: How does a dealer use GST credits when reselling goods with value addition?
A: The dealer applies the GST credit from the original purchase to offset CGST or SGST on the resale,
reducing the net GST payable.
Flashcard 5:
Q: What is "mixed supply" in GST?
A: Mixed supply involves selling multiple items together for a single price, where each item could be
sold separately. GST is charged at the highest tax rate among the items.
Flashcard 6:
Q: For a mixed supply package with items taxed at different rates, which rate applies?
A: The highest tax rate among the items applies. If one item has a 28% GST rate, the entire package
will be taxed at 28%.
These flashcards cover different scenarios in intra-state and inter-state GST transactions and
concepts like value addition and mixed supplies. Let me know if you'd like more cards on these
examples!
Flashcard Set: Advanced GST Calculation Examples
Flashcard 1:
Q: Mr. Ashok, a manufacturer in Vadodara, supplies goods valued at ₹6,50,000 to Mr. Umesh in
Bhavnagar. What are the CGST and SGST amounts if the GST rate is 18%?
A: CGST = ₹58,500 (9%), SGST = ₹58,500 (9%). Total tax = ₹1,17,000, so the final price = ₹7,68,000.
Flashcard 2:
Q: Mr. Umesh resells the goods to Mr. Bhavin in Bhopal (inter-state) after a 25% value addition. How
do you calculate the price and IGST?
A:
Value with addition = ₹6,50,000 * 1.25 = ₹8,12,500.
IGST = ₹8,12,500 * 18% = ₹1,46,250.
Final price = ₹9,58,750.
Flashcard 3:
Q: Mr. Bhavin in Madhya Pradesh supplies goods to Mr. Aliasagar after a 35% value addition. What is
the price and IGST?
A:
Value with addition = ₹8,12,500 * 1.35 = ₹10,96,875.
IGST = ₹10,96,875 * 18% = ₹1,97,437.5.
Final price = ₹12,94,313.
Flashcard 4:
Q: In example 5, how much revenue is earned by the Central Government and Gujarat Government?
A:
CGST and SGST on Ashok’s supply: ₹58,500 each to Gujarat.
IGST on Umesh’s supply: ₹1,46,250 to the Central Government.
IGST on Bhavin’s supply: ₹98,719 to Central, and ₹51,188 transferred to Madhya Pradesh.
Flashcard 5:
Q: For intra-state/inter-state supply in example 6, what is the net GST liability for supplier X in
Gujarat?
A: Supplier X charges 12% GST (6% CGST and 6% SGST) on ₹10,00,000:
CGST = ₹60,000.
SGST = ₹60,000.
Total GST = ₹1,20,000.
Flashcard 6:
Q: How do you calculate the GST when a supplier adds a 40% value and sells goods inter-state to
Maharashtra?
A: For inter-state sale:
Value = ₹10,00,000 * 1.4 = ₹14,00,000.
IGST = ₹14,00,000 * 12% = ₹1,68,000.
Total sale price = ₹15,68,000.
Flashcard 7:
Q: What happens to the IGST credits when supplier Z in Maharashtra resells goods with a 30% value
addition?
A:
Value with addition = ₹14,00,000 * 1.3 = ₹18,20,000.
CGST = ₹1,09,200 (6%), SGST = ₹1,09,200 (6%).
IGST credit offsets CGST and SGST, with any remaining IGST transferred to Maharashtra Government.
These flashcards cover key calculations, tax liabilities, and credit usage in complex GST scenarios. Let
me know if you need additional flashcards on any specific calculation!
