Skip to content
← Commerce

Commerce · Class 12 Commerce

Ch 10Goods and Services Tax — Class 12 Commerce, concept-first.

Goods and Services Tax (GST) is the final chapter of the Andhra Pradesh Intermediate second-year Commerce syllabus, and it brings together several threads the earlier chapters in this paper have already opened — the chapters just before it (Fundamentals of Financial Markets, Stock Exchange and SEBI) look at how busines…

12

Q&A

5

Concepts

Not available

Exam weightage

Start learning — read this chapter →

Key concepts

Hover a concept to preview it and jump to its most relevant Q&A.

Meaning and Need for Goods and Services Tax

GST is a single, destination-based, multi-stage indirect tax on the supply of goods and services, introduced from 1 July 2017 through the Constitution (101st Amendment) Act, 2016, replacing a fragmented system of separat…

Most relevant Q&A

Start with this concept →

Chapter contents

The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.

Overview

Goods and Services Tax (GST) is the final chapter of the Andhra Pradesh Intermediate second-year Commerce syllabus, and it brings together several threads the earlier chapters in this paper have alrea…

1

Meaning and Need for Goods and Services Tax

Goods and Services Tax (GST) is a single, destination-based, multi-stage indirect tax levied on the supply of goods and services, collected at every stage of value addition, with credit allowed for th…

2

Components of GST — CGST, SGST/UTGST and IGST

India is a federal country, with both the Central Government and the State Governments constitutionally empowered to levy tax on the supply of goods and services.

3

Input Tax Credit (ITC)

Input Tax Credit (ITC) is the credit a registered dealer is entitled to claim for the GST already paid on purchases of goods, services, or capital goods used in the course or furtherance of the dealer…

4

GST Rate Structure — Rate Slabs

Goods and services under GST are not all taxed at one single rate — they are grouped into broad rate slabs, decided and periodically revised by the GST Council (Section 2), based chiefly on whether th…

5

Benefits of GST

GST's introduction is widely regarded as one of the most significant indirect tax reforms in India's economic history, chiefly for the following reasons:

More questions

12 Q
+Show 5 questions5 questions
  1. Q1Goods and Services Tax (GST) is best described as a: (A) Origin-based, single-stage direct tax (B) Destination-based, multi-stage indirect t…Free
  2. Q2Which of the following continues to be levied outside the scope of GST, even after its introduction? (A) Central Excise Duty on the manufact…Free
  3. Q3On a sale of goods by a trader in Vijayawada to a buyer in Visakhapatnam, both within Andhra Pradesh, GST is collected under which head(s)?…Preview
  4. Q4Which tax is levied by the Central Government, at a rate equal to CGST plus SGST combined, on a sale of goods from Andhra Pradesh to a buyer…Preview
  5. Q5Which of the following is a necessary condition for a registered dealer to claim Input Tax Credit on a purchase? (A) The dealer's total annu…Preview
+Show 4 questions4 questions
  1. Q6State any four indirect taxes that existed before GST and were subsumed into it.Free
  2. Q7Distinguish between CGST and SGST.Free
  3. Q8State the broad GST rate slabs at which goods and services are currently taxed in India.Preview
  4. Q9Mention any four benefits of the introduction of GST to Indian trade and commerce.Preview
+Show 3 questions3 questions
  1. Q10A trader in Guntur, Andhra Pradesh, sells goods worth ₹15,000 (before tax) to a buyer in Kurnool, also within Andhra Pradesh. The GST rate a…Free
  2. Q11The same trader in Guntur now sells an identical consignment of goods, also worth ₹15,000 (before tax) at 18% GST, to a buyer in Hyderabad,…Preview
  3. Q12A registered dealer in Andhra Pradesh buys raw material for ₹50,000 and pays GST at 18% on the purchase. The dealer processes the material a…Preview