GST Accounting

Commerce ⇒ Accountancy

GST Accounting starts at 12 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in GST Accounting. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 12

A business has Output IGST of Rs. 20,000, Input IGST of Rs. 12,000, and Input CGST of Rs. 5,000. What is the net IGST payable?

A business purchased goods worth Rs. 1,00,000 plus 12% GST and sold them for Rs. 1,50,000 plus 12% GST. Calculate the net GST payable.

A business sold goods worth Rs. 2,00,000 within the state at 12% GST. Calculate the amount of CGST and SGST to be collected.

A dealer in Delhi sells goods worth Rs. 1,00,000 to a dealer in Haryana. The applicable GST rate is 18%. Calculate the amount of IGST to be charged.

A registered dealer has Output GST liability of Rs. 15,000 and Input Tax Credit of Rs. 10,000. What is the net GST payable?

A registered dealer purchased goods worth Rs. 50,000 plus 18% GST for business use. What is the amount of Input Tax Credit available?

Describe the accounting entry for GST paid on purchase of goods for business use.

Describe the process of availing Input Tax Credit under GST.

Describe the process of matching Input Tax Credit in GST accounting.

Explain the difference between CGST and SGST.

Explain the difference between 'Exempt Supply' and 'Zero-Rated Supply' under GST.

Explain the term 'Composite Supply' under GST with an example.

Explain the term 'GSTIN' and its significance in GST accounting.

Explain the term 'Mixed Supply' under GST with an example.

Explain the term 'Reverse Charge Mechanism' under GST.

What does GST stand for in the context of Indian taxation?

What is the accounting entry for payment of GST to the government?

What is the accounting treatment for GST collected on sales?

What is the full form of HSN in GST accounting?

What is the main objective of implementing GST in India?