Understanding the Classification and Combination of GST Rates

The video tutorial explains the Goods and Services Tax (GST) system, focusing on the classification of goods and services using HSN and SAC codes. It covers the different types of GST, including CGST, SGST, UGST, and IGST, and their application in various transactions. The tutorial also discusses the Unit Quantity Code (UQC) for standardizing measurement units. Examples are provided to illustrate how GST is applied in intrastate and interstate transactions, as well as in union territories. The session concludes with a summary of the GST classifications and tax rates.

What is the primary purpose of introducing a common classification system for goods and services under GST?

• To increase the tax rates

• To reduce the number of goods and services

• To simplify international trade

• To create more job opportunities

What does HSN stand for in the context of GST?

• High Standard Nomenclature

• Harmonized System of Nomenclature

• Harmonized Service Network

• High Service Nomenclature

How many digits does an HSN code have?

• 6

• 8

• 10

• 12

What is the role of SAC codes in GST?

• To classify only electronic items

• To classify both goods and services

• To classify services

• To classify goods

What does UQC stand for in GST terminology?

• Universal Quality Code

• Unit Quantity Code

• Universal Quantity Code

• Unit Quality Code

Why is UQC important in GST returns?

• To reduce paperwork

• To standardize unit measurements

• To increase tax rates

• To classify services

Which tax is levied by the central government on intrastate supplies?

• IGST

• SGST

• UGST

• CGST

In which territories is UGST applicable?

• Only in New Delhi and Puducherry

• All Indian states

• In union territories without legislature

• In all union territories

What is the main difference between IGST and other GST types?

• IGST is only for exports

• IGST is for interstate transactions

• IGST is for intrastate transactions

• IGST is only for services

Which combination of taxes is applicable for interstate supply of goods and services?

• Only IGST

• SGST and UGST

• CGST and UGST

• CGST and SGST