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Goods and Services Taxand Services Tax
Goods
(
( GST )GST )

A Talk on GST

Geetika and Vanya are good friends. They study in the same class. Their fathers (A & B) are
businessmen in the same city. They talk about GST to each other. They clear all the doubts while
paying GST during their conversation.

A. Goods and services are divided into how many different new tax slabs?

B. Goods and services are divided into four different tax slabs for collection of tax
— 5%, 12%, 18%, and 28%.

A. When was the GST launched?

B. The GST was launched on 1 July 2017.

A. Tell me something about GST Council.

B. GST Council is the governing body of GST which consists of 33 members, out
of which 2 members are from Centre and 31 members are from 28 States and 3
Union territories with legislation.

A. The tax rates, rules, and regulations are governed by which governing body?

B. They are governed by the GST Council which consists of the Finance Ministers
of the Central Government and all the States.

A. How to maintain books of accounts under GST?

B. Under GST, you have to maintain the books in your manner, but provide all the
information being asked by the department.

A. I have a sugar factory in Uttar Pradesh. I am selling sugar ex-factory to customers
from other states. In this case, which tax is applicable IGST or CGST/SGST?

B. For sale of sugar to customers within Uttar Pradesh State, you have to charge
CGST and SGST and for sale to customers outside Uttar Pradesh, IGST is to be
charged.

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