1. It is the end consumer who will bear only the GST charged by the Which of the following tax rate is not applicable under the GST? It is also called GST Liability. It is correctly said that GST is not a tax reform, in reality it is a business reform. Go through these CA Articleship interview questions and answers that give you an idea and help you prepare better. 11) What is GST? You will learn GST with Bimal Jain who is one of the most sought-after GST knowledge & thought leader in the country with more than 19 years of experience in Indirect Taxation. Then you should checkout these interview questions to prepare for your next job interview. Share on. 0 claps +0 . GST is an indirect tax applicable all over the India by merging the all indirect taxes levied by the central and state government into single one. You have to select the right answer to the question. CGST will replace taxes like Central Excise and Service tax, GST on sales is called Output GST also referred as GST Liability, Output IGST can be adjusted with Input GST as per the given order -. Before 1st July 2017, service tax applies to services and vat, excise duty, etc. Some countries have sales, service tax with works more or less the same as GST. He provides courses for Practical Accounts, Taxation and Efiling at, SGST will also be charged on Local Sales within State, IGST will be charged on Central Sales (Sales Outside State), It will be charged and collected by Central Government, It will be charged and collected by State Government, It will be charged and collected by Central Government on Interstate Supply of Goods and Services, It will replace taxes like Central Excise and Service tax, It will replace taxes like VAT, Luxury tax and Entertainment tax, It will replace taxes like CST(Central Sales Tax), Details of outward supplies of taxable goods and/or services effected. (b) 12. While the It calculated differently for different types of GST. GST stands for Goods and Service Tax. (c) 18. BASICS of GST GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer The Input Tax credit paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. After GST, Input will be available on Central Purchases called IGST Credit. Basic and Fundamental GST Quiz : ... GST Quiz : Expected Question and Answers for Competitive Exams questions and answers for interview GST Quiz : Expected Question and Answers for Competitive Exams objective questions mcq with solutions No, customer who buys goods from taxable person who is under composition scheme is in-eligible for composition input tax credit because a composition scheme supplier cannot issue a tax invoice. 50 Lakhs of aggregate turnover in financial year. GST is levied at every step in the production process, but is refunded to all parties in the chain of production other than the final consumer. Return for Non-Resident foreign taxable person, Return for Input Service Distributor (ISD), Return for authorities deducting tax at source, Details of supplies effected through e-commerce operator and the amount of tax collected, Details of inward supplies to be furnished by a person having UIN, 28th of the month following the month for which statement is filed, Electronic Tax Liability Register of Taxpayer, Order for re-credit of the amount to cash or credit ledger, Challan For Deposit of Goods and Services Tax, Payment Register of Temporary IDs / Un-registered Taxpayers, Application For Credit of Missing Payment (CIN not generated). Yes, brought section 11 of Model GST law permits remission of tax on supply of goods. What is GST? If Input GST is more than Output GST it is called GST Credit. You can also refer to Important GST Interview Questions, HSN, SAC Codes, Rates, Invoice Formats and more. Supply of goods and/or services. These courses are best for students who wish to learn coding from the basics or are looking for … However, both can be adjusted against IGST Payable, If Aggregate Turnover is greater than 20 lacs or likely to exceed 20 lacs, then Compulsory Registration, (Limit is 10 lacs for North Eastern States), Aggregate turnover includes all types of sales, Sales by Agent of Principal (Amount of taxes not to be included), Hence, If a person is making only exempt sales and the amount of sales is more than 20 lacs,still compulsory registration in GST, Similarly if a person is making only export sales,then also Compulsory Registration in GST, However Compulsory Registration Required for making, Supplying goods on behalf of Other Persons, Making Sale on Behalf of other person (Franchise/Agent), Online Database Service Provider from Outside India into India, For All types of Taxable Sales (Local or Central), Normally A Tax Invoice is to be issued, Same Series number of Invoice will start for Local and Central Sales, Same Series to be Used for Sale to Registered and Sale to Unregistered person, It is used for all types of Taxable Sales, CGST, SGST, IGST, UTGST to be shown Separately, In Case of Unregistered Buyer, Name, Address State, Place of Delivery is compulsorily required if Invoice Value before taxes is more than 50000, Can be Used for Both Local and Central Sales, Can be Used for Both Local Sales in Case of Composition Dealer, (as Composition Dealer Cannot Make interstate Sales), However, Exempt Sales can be made  to both Local and Central Sales, To learn Basics of GST, you can visit our GST page teachoo.com/gst, To learn GST Return Filing and Challans, you can take our premium course teachoo.com/premium. Such that if the aggregate turnover is greater than 20 lacs or likely to exceed 20 lacs, then Compulsory Registration (Limit is 10 lacs for North Eastern States). Q.1 Where is the power to levy GST obtained from? By Archit Gupta | 5th May 2017. By Prateek Agarwal 7 October 2020 Table of Contents. If you're looking for Tally Interview Questions for Experienced or Freshers, you are in right place. … Afrer GST, he will be paying both State GST and Central GST on Same Transaction. The knowledge about the basic structure is a very important aspect of doing business in India. Yes. GOODS AND SERVICE TAX (GST) Dr. Khyati Vora & Dr. Kuldeep Sharma 2. Suppose a shopkeeper sells the goods in Delhi, he currently pays only Vat. A well-detailed information about our upcoming Younified foundation and Younified levelup batches of Data Structures using JAVA and C++ programming, Interview Preparation, OOPS, Nodejs and Web Development, Notes on Core topics Like Operating System, DBMS. The threshold for composition scheme is Rs. The main objective behind levying such a tax is to consolidate multiple indirect tax levies into a single tax. GST is a single, destination based indirect tax levied on the value added to goods as well as services at each stage of the supply chain. Solved examples with detailed answer description, explanation are given and it would be easy to understand So, whether you are a tax … The best interview tips may vary in their techniques, but they all exist to help you bring your best self to the table. Corporation tax. 1st July 2017. The GST will fuel inflation for the short term. After GST, giving Party wise details will be required to be given in case of GST also separately for Local, Central and Integrated GST. Article 246A of the Constitution, which was brought by the Constitution (101st Amendment) Act, 2016 granted the co-existent powers to both parliament and state legislatures to make laws with respect to GST. Under the Model GST Law's section 10, the Central or the State Government, on the recommendation of the GST council can exempt the supplies from the levy of GST either generally or subject to conditions. Nevertheless, -clause 2 of Article 246A read with Article 269A provides with the exclusive power to the Parliament to legislate with respect to inter-state trade or commerce. The customer/clients pay the GST, and the seller deposits the GST with the government. It charges on the value of the service or product sold to a customer. Uniform Rates, Previously on Capital Goods, 50% Cenvat is available in current year and 50% in next year, Also Input of Vat on Capital Goods is different from State to State, (In Delhi,it is available in 3 years while in Harayana,not available at all), After GST, input will be available in first year, Previously, a Vat Dealer normally files Quarterly Return for Vat (Four in One Year), A Service Provider files Monthly Returns for Service Tax (Two in One Year), In GST every person has to file 3 Returns Monthly, Apart from this, there is Annual Return also, so total 37 Returns to be filed, Previously, Party wise Details not to be given for Purchase and Sales in Service Tax and Excise, After GST, giving Party wise details will be required to be given in case of GST also separately for Local, Central and Integrated GST, Suppose a shopkeeper sells the goods in Delhi, he currently pays only Vat, Afrer GST, he will be paying both State GST and Central GST on Same Transaction, Previously, if you have not paid last year tax, you can very well pay current period tax and file return, If there is tax outstanding, it will be first adjusted against that and balance against current period, Previously in Excise, there is concept of PLA (Personal Ledger Account or Account Current), Whatever tax we pay by challan is deposited in PLA and Our excise duty liability is adjusted in it, This confusing concept is currently only in Excise and not in Vat and Service Tax, After GST, this PLA will be called Electronic Duty Credit Register and will be applicable only for all types of GST, GST on sales is called Output GST. The seller charges it to the customer on the value of the service or product sold. No, the taxable person under composition scheme isn't permitted to collect tax. This Tally MCQ Test contains 20 Multiple Choice Questions. There are a lot of opportunities from many reputed companies in the world. Quarterly return for compounding taxable person. The registration limit in GST is 20 Lacs. What are GST rate slabs? Get Professional Certification in Accounts and Taxation. Calculating interest on the outstanding amount. Terms of Service, CA Maninder Singh is a Chartered Accountant for the past 9 years. GST is the acronym for Goods and Service Tax and it is an indirect tax other than the income tax. No, the taxable person presenting such goods or services shall not collect the tax on such goods or services. The receiver of goods wont be able to get ITC. Login to view more pages. GST was implemented in India on 1st July 2017. Sweeping a hiring manager off their feet is a great achievement, but pre-interview jitters can make even seasoned job seekers fumble during a big audition. Can the input tax credit be claimed by the taxable person under composition scheme? Service tax. Following is the list of important questions for GST interview. ©2008 - 2019 by Vskills.in All Rights Reserved. Teachoo provides the best content available! A Fiber is the basic raw material to produce yarn or thread. Dear Readers, Welcome to Taxation Interview questions with answers and explanation. Similarly, SGST Credit cannot be adjusted CGST Payable. Question5: The pollutants which move downward with percolating … You can study them now or download it free, You can also study accounts and taxation at teachoo.com, Content prepared by Chartered Accountant and updated daily, It is a tax which is to be soon introduced in India, In each state of India,taxes and rules are different, GST will lead to same rates of tax on different state, It is likely to be introduced by 1 July 2017, After GST, both Central and State GST will be on Amount, Previously on Central Purchases, CST wass charged for which no input is available. It means relieving the tax payer from the obligation to pay tax on goods when they are lost or destroyed due to any natural causes. If you are an accountant or finance person handling all GST compliance, looking for a job. In this article, we will share 50 database interview questions you may be asked on your next interview and provide common database interview questions with sample answers. Hello friends,Please see the above video for having the basic understanding of GST.Regards,7 WondersMake in India Through these GST Online Classes, you will be able to learn all the basic to advance concepts and prepare yourself for the latest GST updates with this GST Online Course. The answer would be that the hardware components for desktop and laptop computers are the motherboard, processor, RAM, monitor, mouse, soundcard, keyboard, graphics, hard disk drive, power supply, and floppy disk drive. 0 claps +0 . Get GST Return Filing Training and Practice including GSTR 3B, GSTR 1 and GSTR4 at teachoo. This guide is for businessmen and students who wants to have a basic working knowledge of GST. The Answers are explained in elaborated manner to get clear subject knowledge. Basics of GST with Examples. (Section 8 (3) of the MGL). No, reverse charge are applicable to supplies of both services and goods. 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