What is GST?
GST has replaced many indirect taxes that were levied by the state and central governments in India and is now a stand-alone tax on the supply of services and goods for the whole country.
Before GST came into effect, the indirect taxes in India were levied at every stage of production and manufacturing and the difference of rate from state to the state caused a lot of confusion and even led to higher taxes due to overlapping.
The Goods and Services Tax was introduced and came into effect from the 1st of July 2017, and it was the One Hundred and First Amendment in the Constitution of India.
Need to Learn GST
The requirement of learning GST varies from person to person, you might be a common man or a businessperson or maybe a professional in the field of GST.
A common person needs to know about and understand GST to make sure that they do not get fooled and also some people do it for keeping up their knowledge.
A person involved in business would require the knowledge of GST so that they can follow the law and pay the taxes to the government as well as collect the right amount of taxes from their business partners.
A professional in the field of GST such as a chartered accountant would need the knowledge so that they understand the subject properly themselves and are able to impart the knowledge to other people as well.
You can also learn about GST to make sure that your advisor is being honest with you and if you get the working knowledge you won’t even need an advisor then.
Test Your Knowledge
The present-day GST laws have a really fluid and complicated structure which has made it difficult for even many CAs to study it.
There are multiple ways to gain knowledge of the GST as it is one of the major things going on in the country right now. Many of the major advisors on these topics have released books and there is a plethora of e-learning courses available on the internet to teach you about this Act.
There are various online tests available on the net which can test your knowledge of GST and make sure that you have all the necessary information about it.
CAknowledge is a website that provides a quiz on the many topics related to this sector; one such test they provide is the online GST MCQ quiz , which tests your knowledge about the GST Act and helps you in learning whether you know all the necessary details about it or not. Apart from GST, it also provides a wealth of information on income tax. You can also seek guidance on how to verify ITR.
GST, since its introduction has been and will be a major part of the economic sector of India and all the people who are involved in this sector, need a thorough knowledge of it and these online tests provide a good platform to test your knowledge. The online GST tests such as the one given above provide a good platform to test your knowledge.