Basic GST Interview Questions and Answers 2023 for beginners.
GST stands for Goods and Services Tax. It is an indirect tax which was introduced in India with aim of replacing a host of other indirect taxes such as VAT, excise duty service tax, CST, luxury tax, and entrainment tax. GST on purchases is called Input GST. GST on sales is called output GST. GST payable is difference between of Output GST and Input GST. GST Payable = Output GST – Input GST. There will be 3 Different GST’s CGST (Central GST) SGST (State GST) IGST (Integrated GST) If the input GST is more than the Output GST, then its the GST Credit. While the It calculated differently for different types of GST. Central Goods and Services Tax State Goods and Services Tax Interstate Goods and Services Tax Input tax credit (ITC) is the subtraction of the tax money you have paid on inputs on the final output bill. GST input tax credit is the mechanism to avail of the benefit of tax paid on the purchase. In any value-added tax, every person in the chain pays tax o n their value addition. GSTR 2A is the auto-populated form of GST. When a supplier his GSTR 1 the data reflects in 2a of a related party. RCM stands for Reverse Charge Mechanism. If Seller Collects GST from Buyer and Pays to Government However, in some cases, Buyer Pays GST Directly to Government This is called Reverse Charge in GST. CGST credit cannot be adjusted against SGST Payable. Similarly, SGST Credit cannot be adjusted CGST Payable. However, both can be adjusted against IGST Payable Output IGST can be adjusted with Input GST in the following order Input IGST if any Input CGST if any Input SGST if any Form GST PMT – 1 Electronic Tax Liability Register of Taxpayer Form GST PMT – 2 Electronic Credit Ledger of Taxpayer Form GST PMT – 3 Order for re-credit of the amount to cash or credit ledger Form GST PMT – 4 Electronic Cash Ledger of Taxpayer Form GST PMT – 5 Challan for Deposit of Goods and Services Tax Form GST PMT – 6 Payment Register of Temporary IDs / Un-registered Taxpayers Form GST PMT – 7 Application for Credit of Missing Payment (CIN not generated) section 18 reversal/payment of tax on inputs held in stock, inputs contained in semi-finished and finished goods held in stock and capital goods under sub-section (4) of section 18 As per section 24 of the CGST/SGST Act, the following categories of persons shall be required to register, irrespective of the threshold limit: India is a federal country where both the Centre and the States have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A dual GST will, therefore, be in keeping with the Constitutional requirement of fiscal federalism. Government may not be able to meet the initial GST implementation date of 1st April 2017. Its widely assumed that GST rollout will start only after 1 July 2017. 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. Remission is subject to conditions stipulated under the law and rules made thereunder.What is GST?
What is an input GST?
What is an output GST?
What is GST Payable?
How many different Types of GST?
What is GST Credit?
What are the differences between CGST, SGST and IGST?
CGST SGST Integrated GST (Interstate GST) Full form of CGST is Full form of SGST is Full form of IGST is CGST will also be charged on Local Sales within State 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) What is ITC?
What is the input tax credit in GST?
What is 2A in GSTR?
What is RCM in GST?
Can CGST and SGST Adjusted Against Each Other?
What are the different GST PMT Forms Lists?
Form Number Details in form
What are the ITC forms?
Sl. No. Forms Available for Description of the Form
In which cases is registration compulsory?
Why is Dual GST required?
When will GST be implemented?
What is remission of tax/duty?
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