Niehoff Of India Purchase Manager Interview Questions and Answers

GST tax rates vary depending on the type of goods or services being purchased.

• GST rates are divided into four slabs - 5%, 12%, 18%, and 28%

• Some essential items like food grains are taxed at 0%

• Luxury items like cars and tobacco products are taxed at higher rates

• GST rates may vary based on government regulations and updates

IGST and CGST are two components of GST in India, with IGST being applicable for inter-state transactions and CGST for intra-state transactions.

• IGST stands for Integrated Goods and Services Tax and is applicable for inter-state transactions.

• CGST stands for Central Goods and Services Tax and is applicable for intra-state transactions.

• The main difference between IGST and CGST is the jurisdiction they fall under - IGST is...read more