What is the primary objective of the Goods and Service Tax (GST) in India?

"To simplify the taxation system by replacing multiple indirect taxes with a single tax" "To increase the complexity of tax collection and make it more challenging for businesses" "To reduce government revenue by lowering tax rates" "To promote international trade by eliminating import duties"

What is the minimum annual turnover threshold for mandatory GST registration in most Indian states?

"Rs. 10 Lakh" "Rs. 20 Lakh" "Rs. 40 Lakh" "Rs. 1 Crore"

Which type of GST is levied on the sale of goods and services within the same state?

"IGST" "CGST" "SGST" "UTGST"

What is the main advantage of the Composition Scheme under GST for eligible businesses?

"Higher tax rates and more stringent compliance requirements" "Exemption from filing any GST returns" "Simplified tax payment with a fixed annual fee, regardless of actual earnings" "Eligibility for businesses with an annual turnover exceeding Rs. 1 Crore"

Which of the following situations would allow a business to apply for GST deregistration?

"An increase in annual turnover exceeding the minimum threshold" "Expansion of business operations to multiple states" "Discontinuation of the business" "Hiring additional employees"