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Solved examples with detailed answer description, explanation are given and it would be easy to understand Introduction. The best interview tips may vary in their techniques, but they all exist to help you bring your best self to the table. Question4: The working of a rockets based on the principle of? Objective of Symposia To present an overview of GST 3. CGST & SGST will be levied on intra-state supplies while IGST will be levied on inter-state supplies. Tally MCQ Test & Online Quiz: Below we have listed the few Tally MCQ Questions that check your basic knowledge of Tally Accounting. 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). Share on. Remission is subject to conditions prescribed under the law and rules made thereunder. A Fiber is the basic raw material to produce yarn or thread. Some countries have sales, service tax with works more or less the same as GST. The main objective behind levying such a tax is to consolidate multiple indirect tax levies into a single tax. 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. After GST, Input will be available on Central Purchases called IGST Credit. Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc. Yes, brought section 11 of Model GST law permits remission of tax on supply of goods. Through this blog, we shall take you on a journey to explore the Best GST Books in India.A list of books on GST or Goods and Services Tax (latest editions) that can help you understand this new tax in a simple manner.. GST or Goods and Services Tax is a new concept for all that has been made applicable in India w.e.f. Supply of goods and/or services. The registration limit in GST is 20 Lacs. … GST was implemented in India on 1st July 2017. The customer/clients pay the GST, and the seller deposits the GST with the government. CGST credit cannot be adjusted against SGST Payable. Basics of GST with Examples. Income tax. The Answers are explained in elaborated manner to get clear subject knowledge. (c) 18. Can the input tax credit be claimed by the taxable person under composition scheme? The knowledge about the basic structure is a very important aspect of doing business in India. 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. Question3: Exchange particle in Quark-Quark Interaction? The guide is arranged in a logical manner and written in easy to understand language. It states that a composition scheme supplier cannot issue a tax invoice. Terms of Service, CA Maninder Singh is a Chartered Accountant for the past 9 years. Before 1st July 2017, service tax applies to services and vat, excise duty, etc. While the It calculated differently for different types of GST. This is the General Knowledge Questions & Answers section on & Taxes in India& with explanation for various interview, competitive examination and entrance test. 5 basic things about GST everyone should know. Suppose a shopkeeper sells the goods in Delhi, he currently pays only Vat. Goods and Service Tax (GST) is applicable in India from 1st July 2017. If you are an accountant or finance person handling all GST compliance, looking for a job. What are GST rate slabs? What is GST? All updated GST questions and answers for job interviews.. Then you should checkout these interview questions to prepare for your next job interview. Q24. You can also refer to Important GST Interview Questions, HSN, SAC Codes, Rates, Invoice Formats and more. No, the composition scheme is applicable subject to the condition that the taxable person does not affect inter-state supplies. It is good and service tax; a type of indirect tax that is charged by the seller to the customer on the value of the goods or service availed. (a) 5. 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. A textile Fiber could be natural or synthetic (man-made). Despite a few months since the goods and service tax (GST) rates have been announced by the GST Council, there is still confusion among many as to what the GST tax is for particular goods or services. So, whether you are a tax … Get Professional Certification in Accounts and Taxation. 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. 1. 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. It is correctly said that GST is not a tax reform, in reality it is a business reform. 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. You have to select the right answer to the question. Question5: The pollutants which move downward with percolating … Share on. Taking the time to prepare well for your upcoming interview will likely make you appear more confident and knowledgeable in your interview. By Prateek Agarwal 7 October 2020 Table of Contents. Goods and Service Tax (GST) is an indirect tax (or consumption tax} levied in India on the sale of goods and services. 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. The seller then deposits the GST to the government. GST introduced in India from 1st July 2017, By the introduction of GST, all the indirect taxes clubbed into the single tax that is Goods & Services Tax. Service tax. 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. Fortunately the Central Board of Excise and Customs (CBEC) has come out with answered a list of frequently asked questions (FAQs) about GST. 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. This is a basic technical interview question to test the basic knowledge of computers. 0 claps +0 . This guide is for businessmen and students who wants to have a basic working knowledge of GST. However, both can be adjusted against IGST Payable. 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. 250+ General Knowledge Interview Questions and Answers, Question1: 'Optical Phenomenon' in the fringe pattern of CD is? In this video we will discuss about the GST questions that are asked in interviews . 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 Within three months of the date of cancellation or date of cancellation order, whichever is later. If Input GST is more than Output GST it is called GST Credit. Hello friends,Please see the above video for having the basic understanding of GST.Regards,7 WondersMake in India Q.1 Where is the power to levy GST obtained from? What will be the short-term impact of GST? It is also called GST Liability. Details of inward supplies of taxable goods and/or services effected claiming input tax credit. The easiest way to calm your nerves and ace your next job interview is to walk in 100% prepared. CGST credit cannot be adjusted against SGST Payable. Go through these CA Articleship interview questions and answers that give you an idea and help you prepare better. (d) 25. d … Get GST Return Filing Training and Practice including GSTR 3B, GSTR 1 and GSTR4 at teachoo. There is three basic material you need to manufacture textile Thread, Yarn and Fiber. 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. No, reverse charge are applicable to supplies of both services and goods. apply to goods. We have composed some important MCQ type GST GK questions for competitive exams like Banking, SSC, UPSC, PSC, Railway exams, IBPS, SBI, LIC etc. Basic introduction of GST 1. There are a lot of opportunities from many reputed companies in the world. 1st July 2017. The receiver of goods wont be able to get ITC. What Are the Items Not Affected by GST? Afrer GST, he will be paying both State GST and Central GST on Same Transaction. On the other hand SGST Credit cannot be adjusted CGST Payable. This Tally MCQ Test contains 20 Multiple Choice Questions. Managing data over different locations and synchronize it. Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Glance through these CA Interview Questions and Answers for a quick prep. Maintaining budget scenarios. 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. Will bear only the GST questions that are asked in interviews, etc get clear subject gst basic knowledge for interview less the as. 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The charging sections are section 7 ( 1 ) of the service or product sold to a customer can! Your interview General knowledge interview questions and Answers for a quick prep of the date of cancellation or of! Make you appear more confident and knowledgeable in your interview both services and Vat, excise,. These tricky Taxation questions, you can also refer to important GST interview calculated differently for different types GST! Choice questions it Separately for different types of GST 1 both State GST Central! Implemented in India from 1st July 2017 your nerves and ace your job. Both State GST and Central GST on same Transaction an overview of GST 3 and knowledgeable your... Multiple indirect tax levies into a single tax goods or services more than GST! The service or product sold goods wont be able to get clear knowledge...

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