Question

    Taxes that are levied on any Intra-State purchase

    are?
    A IGST Correct Answer Incorrect Answer
    B CGST and SGST Correct Answer Incorrect Answer
    C CGST Correct Answer Incorrect Answer
    D SGST Correct Answer Incorrect Answer

    Solution

    Taxes that are levied on any Intra-State purchase are CGST (Central Goods and Services Tax) and SGST (State Goods and Services Tax). CGST is collected by the central government, and SGST is collected by the state government. These taxes are applicable when goods or services are sold within the same state, and the revenue generated from these taxes is shared between the central and state governments based on their respective rates.

    Practice Next
    More Accounts Questions