Comprehensive GST Notes for AAO Exam 2024

Comprehensive GST Notes for AAO Exam 2024

GST Notes for AAO Exam 2024- The Goods and Services Tax (GST) is a crucial topic for the AAO (Assistant Accounts Officer) Exam 2024. Understanding the fundamentals of GST, its structure, and implementation is essential for scoring well in this section. Here’s a concise guide to help you prepare effectively.

GST Overview

Goods and Services Tax (GST) is a unified tax system introduced in India on July 1, 2017. It subsumed multiple indirect taxes, including VAT, service tax, and excise duty, into a single tax system. GST is governed by the GST Council and is a multi-tier tax applicable across India on the supply of goods and services.

GST is primarily classified into four types:

1. CGST (Central Goods and Services Tax) – Levied by the central government on intra-state sales.
2. SGST (State Goods and Services Tax) – Levied by state governments on intra-state sales.
3. IGST (Integrated Goods and Services Tax) – Levied by the central government on inter-state sales and imports.
4. UTGST (Union Territory Goods and Services Tax) – Levied on transactions within Union Territories.

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GST NOTES SAMPLE