[amp_mcq option1=”12%” option2=”20%” option3=”28%” option4=”18%” correct=”option3″]<\/p>\n
The correct answer is: C. 28%<\/strong><\/p>\n The Central Goods and Services Tax (CGST) is a value-added tax (VAT) levied on the supply of goods and services in India. It is one of the three components of the Goods and Services Tax (GST), along with the State Goods and Services Tax (SGST) and the Integrated Goods and Services Tax (IGST).<\/p>\n The CGST rate is a maximum rate, and states are free to set their own rates, which can be lower than the CGST rate. The CGST rate is also subject to change by the central government.<\/p>\n The CGST rate for most goods and services is 18%. However, there are a number of goods and services that are subject to a higher or lower rate of CGST. For example, the CGST rate on luxury goods is 28%, and the CGST rate on essential goods is 5%.<\/p>\n The CGST is a destination-based tax, which means that the tax is levied in the state where the goods or services are consumed. This is in contrast to the erstwhile VAT, which was a origin-based tax.<\/p>\n The CGST is a major source of revenue for the central government. In the financial year 2020-21, the CGST collected was \u00e2\u0082\u00b91.15 lakh crore.<\/p>\n The CGST is a complex tax, and there are a number of rules and regulations that businesses need to comply with in order to be able to claim CGST credit.<\/p>\n The CGST is a relatively new tax, and there are still a number of challenges that need to be addressed in order to make it a more efficient and effective tax system.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”12%” option2=”20%” option3=”28%” option4=”18%” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[969],"tags":[],"class_list":["post-52651","post","type-post","status-publish","format-standard","hentry","category-gst","no-featured-image-padding"],"yoast_head":"\n