Teachoo provides the best content available! The seller then deposits the GST to the government. 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. Following is the list of important questions for GST interview. 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. Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc. Fortunately the Central Board of Excise and Customs (CBEC) has come out with answered a list of frequently asked questions (FAQs) about GST. (Section 8 (3) of the MGL). The main objective behind levying such a tax is to consolidate multiple indirect tax levies into a single tax. We have included some of the most common Articleship Interview Questions for which you must always prepare an answer. 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 knowledge about the basic structure is a very important aspect of doing business in India. A textile Fiber could be natural or synthetic (man-made). A Fiber is the basic raw material to produce yarn or thread. On the other hand SGST Credit cannot be adjusted CGST Payable. You have to select the right answer to the question. What Are the Items Not Affected by GST? Teachoo is free. Then you should checkout these interview questions to prepare for your next job interview. 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. 250+ General Knowledge Interview Questions and Answers, Question1: 'Optical Phenomenon' in the fringe pattern of CD is? (c) 18. The charging sections are section 7 (1) of CGST/SGST Act and Section 4(1) of the IGST Act. Can the input tax credit be claimed by the taxable person under composition scheme? Q.1 Where is the power to levy GST obtained from? Introduction. Question5: The pollutants which move downward with percolating … Login to view more pages. On signing up you are confirming that you have read and agree to GOODS AND SERVICE TAX (GST) Dr. Khyati Vora & Dr. Kuldeep Sharma 2. No, the taxable person under composition scheme isn't permitted to collect tax. Solved examples with detailed answer description, explanation are given and it would be easy to understand CGST stands for Central Goods and Services 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. The easiest way to calm your nerves and ace your next job interview is to walk in 100% prepared. 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. 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. While the It calculated differently for different types of GST. 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 -. It is the end consumer who will bear only the GST charged by the The Answers are explained in elaborated manner to get clear subject knowledge. Question4: The working of a rockets based on the principle of? The receiver of goods wont be able to get ITC. Question3: Exchange particle in Quark-Quark Interaction? 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. (b) 12. All updated GST questions and answers for job interviews.. 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. Remission is subject to conditions prescribed under the law and rules made thereunder. 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. The taxable person who was in-eligible for the composition scheme would be liable to pay tax, interest and in addition he shall also be liable to a penalty equivalent to the amount of tax payable. (d) 25. d … 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. Go through these CA Articleship interview questions and answers that give you an idea and help you prepare better. Supply of goods and/or services. If Input GST is more than Output GST it is called GST Credit. GST stands for Goods and Service Tax. 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. It states that a composition scheme supplier cannot issue a tax invoice. We recommend to read chapters one by one but feel free to … Question2: Celsius and Fahrenheit show the same temperature at? Thus, GST subsumes a host of taxes. It is also called GST Liability. This is the General Knowledge Questions & Answers section on & Taxes in India& with explanation for various interview, competitive examination and entrance test. Glance through these CA Interview Questions and Answers for a quick prep. Yes, brought section 11 of Model GST law permits remission of tax on supply of goods. 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 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 customer/clients pay the GST, and the seller deposits the GST with the government. Basics of GST with Examples. No, the composition scheme is applicable subject to the condition that the taxable person does not affect inter-state supplies. Service tax. These 55 solved Taxation questions will help you prepare for personal interviews and online selection tests during campus placement for freshers and job interviews for professionals. This Tally MCQ Test contains 20 Multiple Choice Questions. Dear Readers, Welcome to Taxation Interview questions with answers and explanation. Before 1st July 2017, service tax applies to services and vat, excise duty, etc. GST is the acronym for Goods and Service Tax and it is an indirect tax other than the income tax. 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. However, both can be adjusted against IGST Payable. We have composed some important MCQ type GST GK questions for competitive exams like Banking, SSC, UPSC, PSC, Railway exams, IBPS, SBI, LIC etc. If you're looking for Tally Interview Questions for Experienced or Freshers, you are in right place. Hello friends,Please see the above video for having the basic understanding of GST.Regards,7 WondersMake in India Share on. Which of the following tax was abolished by GST? (a) 5. Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. Quarterly return for compounding taxable person. CGST is charged on Local Sales within State which is collected by Central Government. In this video we will discuss about the GST questions that are asked in interviews . The registration limit in GST is 20 Lacs. Numerous different indirect taxes, have been replaced by GST: If the input GST is more than the Output GST, then its the GST Credit. Corporation tax. 1. Share on. Managing data over different locations and synchronize it. 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. Within three months of the date of cancellation or date of cancellation order, whichever is later. So, whether you are a tax … CGST credit cannot be adjusted against SGST Payable. If you are an accountant or finance person handling all GST compliance, looking for a job. … What will be the short-term impact of GST? Some countries have sales, service tax with works more or less the same as GST. Ans. 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. 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. ©2008 - 2019 by Vskills.in All Rights Reserved. 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. Income tax. Get GST Return Filing Training and Practice including GSTR 3B, GSTR 1 and GSTR4 at teachoo. Similarly, SGST Credit cannot be adjusted CGST Payable. You can also refer to Important GST Interview Questions, HSN, SAC Codes, Rates, Invoice Formats and more. GST was implemented in India on 1st July 2017. It charges on the value of the service or product sold to a customer. That check your basic knowledge of Tally Accounting basic working knowledge of GST 3 GSTR4 at teachoo very aspect... Rate is not a tax Invoice go through these CA interview questions, HSN SAC. Paying both State GST and Central GST on same Transaction in a manner... Affect inter-state supplies Separately for different types of GST 1 October 2020 Table of Contents take! 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