GST Questions and Answers for Job Interview | Accounts Interview की तैयारी कैसे करें ? #freshers #freshersjobs #accounting #account #interview #job #prepration
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1. What is GST?
Answer. GST stands for Goods and Services Tax, an indirect tax levied on the supply of goods and services. It is a comprehensive tax that replaces several indirect taxes, such as excise duty, service tax, VAT, etc. Introduced in 2017, GST is designed to create a unified tax structure across the country, simplifying the tax process for businesses. It is divided into CGST, SGST, and IGST, depending on whether the transaction is intra-state or inter-state.
2. What is the objective of implementing GST?
Answer. The primary objective of implementing GST is to create a unified taxation system nationwide. It aims to simplify the tax structure, reduce the cascading effect, promote ease of doing business, and enhance tax compliance.
3. How many types of GST are there?
Answer. There are three types of GST in India: CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax).
4. How is GST calculated?
Answer. GST is calculated as a percentage of the transaction value. The GST rate varies depending on the type of goods or services.
GST Interview Questions and Answers on Registration, Input Tax Credit and Composition Scheme
1. Who is required to register under GST?
Answer. Any business with an annual turnover exceeding Rs. 40 lakhs (Rs. 10 lakhs for North-Eastern states) must register under GST.
2. What is the composition scheme under GST?
Answer. The composition scheme allows small taxpayers to pay a fixed percentage of their turnover as GST.
3. Who can opt for the composition scheme?
Answer. Taxpayers with an annual turnover below a specified limit can opt for the composition scheme.
4. What is an Input Tax Credit (ITC)?
Answer. Input Tax Credit is the mechanism that allows businesses to offset the taxes they have paid on inputs against their output liability.
5. Can a business claim ITC on all inputs?
Answer. ITC can be claimed only on inputs used for business purposes and not for personal use or non-business activities. To claim ITC, a business must possess a valid tax invoice, and receive the goods/services. Additionally, the supplier must have filed their GST returns and paid the tax to the government.
1. What is a GST return?
Answer. A GST return is a document that contains details of all sales, purchases, tax collected and paid by a taxpayer.
2. How often should a taxpayer file GST returns?
Answer. Depending on the type of taxpayer, GST returns need to be filed monthly, quarterly, or annually.
3. What are the different types of GST returns?
Answer. Some of the common types of GST returns include GSTR-1 (Outward Supplies), GSTR-3B (Summary Return), GSTR-9 (Annual Return), and GSTR-9C (Reconciliation Statement).
4. Can a taxpayer revise their GST return?
Answer. Yes, taxpayers can revise their GST return if they discover any errors or omissions within the prescribed time limit.
5. What are the consequences of non-compliance with GST regulations?
Answer. Non-compliance with GST regulations may result in penalties, fines, interest payments, suspension of GST registration, or even cancellation of the registration.
1. How are goods and services classified under GST?
Answer. Goods are classified using the Harmonised System of Nomenclature (HSN) codes, and services are classified using the Service Accounting Code (SAC).
2. What is the difference between exempted and zero-rated supplies?
Answer. Exempted supplies are not subject to GST, and input tax credits cannot be claimed. Zero-rated supplies are taxable on which the tax rate is 0%, but input tax credit can be claimed.
3. What is the reverse charge mechanism under GST?
Answer. Under the reverse charge mechanism, the recipient of goods or services is liable to pay the GST instead of the supplier. This applies to specific supplies, such as goods from unregistered suppliers or services from overseas providers.
Tips for Preparing for Interview Questions on GST
1) Stay updated with GST laws and regulations
2) Understand the impact of GST on different industries
3) Practice solving case studies and scenarios
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