Same chapter1 markDifficulty: Easy
For a supply of goods from a dealer in Bhopal to a dealer in Indore, the tax charged is:
Goods and Services Tax (GST)
2 marksDifficulty: Easy
Explain what is meant by input tax credit under GST.
Original Khojo Papers practice question — not from a past board paper.
Answer
Input tax credit is the credit a registered dealer receives for the GST already paid on goods bought for the business. When the dealer sells those goods the tax already paid on the purchase is set off against the tax collected on the sale, so tax is paid only on the value the dealer has added.
No citable source has been recorded for this record. Treat it as practice material, not as fact.
Explanation
This is what stops the same value being taxed again at every stage of the chain.
Related questions
From the same topic and chapter, at a similar level.
Same chapter1 markDifficulty: Easy
If the rate of GST on an intra-state supply is 12%, the rate of CGST is:
Goods and Services Tax (GST)
Same chapter2 marksDifficulty: Easy
Distinguish between CGST and IGST.
Goods and Services Tax (GST)
Same chapter3 marksDifficulty: Easy
The printed price of an article is ₹2,500 and the rate of GST is 28%. Find the amount of GST and the price paid by the consumer.
Goods and Services Tax (GST)
Same chapter2 marksDifficulty: Easy
Why is GST described as a destination-based tax?
Goods and Services Tax (GST)
Same chapter1 markDifficulty: Easy
The GST on goods worth ₹5,000 at the rate of 18% is:
Goods and Services Tax (GST)