The definition of ‘money’ under GST law does not include:
Show Hint
- Letter of Credit
- Currency held for numismatic value
- Pay order
- Traveler cheque
The Correct Option is B
Solution and Explanation
Under the Goods and Services Tax (GST) law, 'money' is generally understood to be the currency and legal tender used for transactions. However, currency held for numismatic value (i.e., as a collector's item) is excluded from this definition.
Step 2: Explanation of the options.
- (a) Letter of Credit: This is considered a financial instrument and falls within the scope of money under GST.
- (b) Currency held for numismatic value: This is excluded from the definition of money under GST, as it is considered a collector's item rather than a currency for transactions.
- (c) Pay order: A pay order is included as a form of money under GST.
- (d) Traveler cheque: This is also considered a form of money under GST.
Step 3: Conclusion.
Thus, the correct answer is (b) Currency held for numismatic value.
Top Questions on GST
Goods and Service Tax (GST) is the single comprehensive indirect tax, operational from 1 July 2017, on supply of goods and services, right from the manufacturer/service provider to the consumer. It is a destination-based consumption tax with facility of Input Tax Credit in the supply chain. It is applicable throughout the country with one rate for one type of goods/service. It has amalgamated a large number of Central and State taxes and cesses. It has replaced large number of taxes on goods and services levied on production/sale of goods or provision of service.
As there have been a number of intermediate goods/services, which were manufactured/provided in the economy, the pre-GST tax regime imposed taxes not on the value added at each stage but on the total value of the commodity/service with minimal facility of utilisation of Input Tax Credit (ITC). The total value included taxes paid on intermediate goods/services. This amounted to cascading of tax. Under GST, the tax is discharged at every stage of supply and the credit of tax paid at the previous stage is available for set off at the next stage of supply of goods and/or services. It is thus effectively a tax on value addition at each stage of supply.
In view of our large and fast-growing economy, it addresses to establish parity in taxation across the country, and extend principles of ‘value-added taxation’ to all goods and services. It has replaced various types of taxes/cesses, levied by the Central and State/UT Governments. Some of the major taxes that were levied by Centre were Central Excise Duty, Service Tax, Central Sales Tax, Cesses like KKC and SBC. The major State taxes were VAT/Sales Tax, Entry Tax, Luxury Tax, Octroi, Entertainment Tax, Taxes on Advertisements, Taxes on Lottery/Betting/Gambling, State Cesses on goods etc. These have been subsumed in GST.- Read the passage below and answer the question:
The Goods and Services Tax (GST) represents a significant reform in India's indirect taxation system. Introduced nationwide from July 1st, 2017, its primary aim was to replace a multitude of central and state-level indirect taxes, such as excise duty, service tax, and VAT. The core objectives behind this transition included mitigating the cascading effect of taxes and creating a unified national market. GST is designed as a comprehensive tax levied on the supply of goods and services, with the tax burden ultimately borne by the final consumer. The system operates under a dual structure, involving both the central government (CGST) and state governments (SGST) concurrently. For transactions occurring between different states, an Integrated GST (IGST) mechanism is in place. The framework is based on the principle of a destination-based consumption tax and incorporates an Input Tax Credit (ITC) mechanism. This reform intends to simplify the tax structure and enhance efficiency in the economy. - If the price of a book including 10% G.S.T. is ₹880, then the original price of the book without G.S.T. is:
खर्चवाटीत एक सिमित नियंत्रण कारची जीएसटी करासह एकूण किंमत 2360 रुपये आहे. जीएसटीचा दर 18% आहे. तर त्या कारची खर्चवाट किंमत काढण्याची Solution पूर्ण करा :
GSTIN के बारे में पूछा गया प्रश्न हल करें:
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