Question

What is GST? What are the basic features of indirect Taxes? Make a list of most common goods exempted under GST.

Answer 1

Answer:

1.The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller.

2.Features of Indirect Tax

Here are the key features of indirect taxes:

• Tax liability: The service provider or seller pays indirect taxes to the government, and the liability is transferred to the consumer.
• Payment of tax: The seller pays indirect taxes to the government and the same is transferred to the consumer.
• Nature: Indirect taxes were initially regressive in nature, but thanks to the implementation of theHere is a list of some of the most common goods which are GST exempt
• Saving and investment: Indirect taxes are generally growth-oriented considering the fact that they encourage consumers to save and invest.
• Evasion: It is difficult to evade indirect taxes because they are now implemented directly through products and services.

3.Here is a list of some of the most common goods which are GST exempt –

Live animals

Meat

Fish

Natural products

Live trees and plants

Vegetables

Fruits

Dry fruits

Tea, coffee and spices

Grains

Products of the milling industry

Seeds

Sugar

Water

Baked goods

Fossil fuels

Drugs and pharmaceuticals

Fertilizers

Beauty products

Ornaments

Newsprint

Printed items etc

Answer 2

Answer:

Goods like petrol, alcohol, etc that for human consumption and non-taxable do not attract GST for supply under the GST Act. The supply of goods to the SEZ that is Special Economic Zone or SEZ developer comes under GST exemption list.

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