DK Goel Solutions Class 11 Accountancy Chapter 10 Accounting for Goods and Service Tax (GST) (Updated For 2023)

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Short Answer Question

Question 1: What is GST?

Solution 1: GST stands for Goods and Services tax. It is tax levied indirectly on the supply of goods and services.

Question 2: Name the two central taxes that have merged into GST.

Solution 2: Below are the two central taxes that have merged into GST:-
(i) Custom duty
(ii) Excise duty

Question 3: Name the two-state taxes that have merged into GST.

Solution 3: Below are the two central taxes that have merged into GST:-
(i) VAT
(ii) Purchase Tax

Question 4: Give two advantages of GST.

Solution 4:
Below are the two advantages of GST:-
(i) GST reduce the sales without receipts and corruption.
(ii) GST reduce multiple tax evasion.

Question 5: What is the full form of CGST?

Solution 5: Central Goods and Services Tax is the full form of CGST.

Question 6: What is the full form of SGST?

Solution 6: State Goods and Services Tax is the full form of CGST.

Question 7: What is the full form of IGST?

Solution 7: Integrated Goods and Services Tax is the full form of IGST.

Question 8: What is CGST?

Solution 8: Integrated Goods and Service Tax applies to CGST. On intra-state or inside state transactions, it is charged. The central government oversees the CGST which is administered by the CGST Act.

For Example: A dealer of Delhi sells goods to a dealer of Delhi worth Rs. 1,50,000. Suppose the CGST and SGST rate is 12%. In the case the seller will charge 6% of CGST and 6% of SGST Rs. 9,000 as CGST and Rs. 9,000 as SGST.

Question 9: What is IGST?

Solution 9: Integrated Goods and Service Tax applies to IGST. It is imposed on purchases from inter-state outlets. The IGST is monitored by the IGST Act.
For Example: A dealer of Mumbai sells goods to a dealer in Uttar Pradesh worth Rs. 1,25,000. Suppose the IGST rate is 12%. In the case the seller will charge Rs. 15,000 as IGST.

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