Question

In intra-state transaction, the GST collected from the buyer is deposited with the:

(a) Central government

(b) State government

(c) Equally shared between central and state governments

(d) Shared between central and state governments in 5:4 ratio​

Answer 1

Given : In intra-state transaction, the GST collected from the buyer is deposited with

To Find : Correct option

(a) Central government

(b) State government

(c) Equally shared between central and state governments

(d) Shared between central and state governments in 5:4 ratio​

Solution:

GST = Goods and service Tax   is applicable on all the services and goods which comes under purview of GST act.

There are different GST rates

Mainly  5% , 12 % , 18 % and 28 %

For Interstate  transactions ( Transaction between different states ) , IGST is applicable

IGST = inter state GST

For Intra state transaction ( Transaction with in same state ) GST has 2 components

CGST = Central GST

SGST = State GST

SGST = CGST = GST/2

Hence In intra-state transaction, the GST collected from the buyer is

Equally shared between central and state governments

Correct option is c)

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