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Important GST Interview Questions and Answers 2024 Accountants, Tally

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Important GST Interview Questions and Answers for Accountant and Tally Operator: Are you seeking to enter the field of taxation and accounting as a candidate or as a graduate in finance and accounting? Are you preparing to answer questions during the GST Interview? Yes, then we understand that showing up for an interview may be both highly stimulating and anxiety-inducing. Preparing for a GST interview entails familiarising yourself with relevant rules as well as rehearsing GST interview questions and responses. You can ace the interview by doing this, which will boost your confidence. To assist you, we have now compiled a list of the top GST interview questions and their corresponding responses.

Important GST Interview Questions and Answers

Here is the complete list of important GST interview questions and answers for accountants, and tally operators. Also, these questions might be helpful for a candidate who is working near account and finance.

Important GST Interview Questions and Answers 2024 Accountants, Tally

1. Question: Could you elaborate on the GST compliance guidelines that firms in India must follow and how you go about making sure the company complies?

Ans: Businesses in India must register for GST, file GST returns, pay the required GST, and keep accurate records and paperwork to comply with GST regulations. We have created and put into place policies and processes for GST compliance to guarantee compliance. These include training pertinent staff, conducting frequent reviews and audits, and collaborating with outside advisers as needed. Input tax credits, other GST-related transactions, and our GST liabilities are all tracked and managed by systems and procedures that we maintain.

2. Question: What are India’s various GST rates?

Ans: The four GST rates in India are 5%, 12%, 18%, and 28%. The GST rates for various goods and services are determined by the GST Council, which is composed of state and federal finance ministers. Additionally, some products and services have lower taxes or are not subject to GST.

3. Question: What effects does the GST have on Indian businesses?

Ans: Businesses in India have been significantly impacted by the GST. The tax structure has been simplified and multiple indirect taxes, including the central excise duty, service tax, and value-added tax (VAT), have been replaced. It might take a lot of time for businesses to apply for GST and submit monthly returns. But firms can now claim input tax more easily thanks to the GST.

4. Question: Which Four Kinds of GST Are There?

Ans: There are four different forms of GST under the recently enacted tax system:

  • Integrated tax on goods and services.
  • The state tax on goods and services.
  • Central Tax on Products and Services.
  • Union Territory GST.

For all of the aforementioned, the government does, however, impose various tax rates.

5. Question: How is the GST different from the previous tax structure?

Ans: Central taxes, however, included central excise and customs duties under the previous VAT-based tax system.

State taxes included surcharges, cresses, amusement tax, luxury tax, state VAT, and luxury tax withheld at the source of sales tax.

Nevertheless, the GST has combined federal and state taxes, making a single tax applicable to all goods and services, including natural gas, motorspirit, petroleum, and high-speed diesel.

6. Question: How Many Invoice Copies Are Needed to Supply Goods?

Ans: Printing the invoices in three copies is recommended. The recipient would get the first one, the transporter would get the duplicate, and the supplier would get the last one.

The copies also need to be labeled as “Original,” “Duplicate,” and “Triplicate.” Two copies of the invoice—one for the seller and one for the buyer—are required for services.

7. Question: What is the GST  number and its format?

Ans: The Goods and Services Tax Identification Number, or GSTN, is a distinct 15-digit number that is given to each taxpayer registered for the GST.

Here is an explanation of the GSTIN’s format:

  • The first two numbers represent the unique code for the state. For example, the Punjab state code is 03.
  • The taxpayer’s PAN number will appear in the next ten digits.
  • The next ten digits will be the PAN number of the taxpayer.
  • The thirteenth digit represents “the number of registrations” within a state.
  • The fourteenth digit represents “Z” by default.
  • The last digit is a check code. It may be an alphabet or a number.
  • This GSTN number needs to be mentioned in invoices, debit notes, credit notes, e-way bills, etc.

8. Question: Could You Describe How CGST and SGST Differ From One Another?

Ans: India’s two main GST components are the SGST, or state GST, and the CGST, or central GST. The State is responsible for collecting SGST, whereas the Central Government collects the CGST. The GST that is collected is divided between the State and Federal Governments, and these are imposed at the same rate.

9. Question: What is the mechanism for reversing the GST input tax and how does it operate?

The process of undoing input tax credits that a business has claimed is known as GST Input Tax Reversal. This is only relevant if a company has declared tax inputs that were not used in the production of taxable goods or inputs. In a different situation, where the claimed input tax credits exceed the outputs’ GST liability. Numerous companies would frequently need to make adjustments to their GST returns or pay more GST.

10. Question: What difficulties do you encounter when applying GST?

Ans: The process of implementation presents several obstacles as well, such as early barriers in the compliance process, adapting to technology advancements, and adjusting to the new tax system.

11. Question: Place of Supply as Defined by GST?

Ans: The basis for determining whether a supply is intrastate or interstate and, consequently, the kind of GST imposed, is the place of supply.

12. Question: What is the GST’s impact on online retailers?

Ans: In response, e-commerce businesses that sell goods or services that are sold on their platform are required to collect GST. The GST rate varies depending on the goods or services sold. E-commerce enterprises must also file GST returns regularly and keep accurate records of their transactions. 

13 Question: How does the trading sector apply to GST?

Ans: In response, dealers must pay GST on the goods they buy from producers or other traders and resell to clients. Input tax credits are available to traders on the GST they pay on purchases, just like they are to manufacturers. However, traders cannot claim the input tax credit for products or services used for personal use or exempt taxable supplies.

What are the basic questions in GST?

You can start preparation with basic questions like what is GST, taxes, etc.

How to calculate GST?

Here is the formula:
GST Amount = (Original Cost*GST Rate Percentage) / 100. Net Price = Original Cost + GST Amount.

What are the 4 types of GST?

Types of GST in India: Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

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