Interview Questions
Answer: Exempt supply means no GST is levied, while zero-rated supply attracts a GST rate of 0%, allowing businesses to claim input tax credit.
Answer: GST refund is a process where excess tax paid can be claimed back. It can be claimed for exports, inverted duty structure, or accumulative input tax credit.
Answer: GST has simplified the tax structure for e-commerce transactions, requiring platforms to collect tax at source (TCS) and sellers to file returns.
Answer: GSTR-10, also known as the Final Return, is filed by a taxpayer who has canceled their GST registration, providing details of closing stock and tax liability.
Answer: Generating an e-way bill involves providing details of the consignment, supplier, recipient, and transporter on the GSTN portal, facilitating the movement of goods.
Answer: An ISD invoice is issued by an Input Service Distributor to distribute input tax credit among its branches or units.
Answer: GST has made the export process more streamlined by providing benefits such as zero-rated exports and quicker refund mechanisms.
