GST With e-Filing

Interview Questions

GST is a comprehensive indirect tax levied on the supply of goods and services. It was introduced to replace multiple indirect taxes and create a unified tax structure.
The dual GST model in India comprises Central GST (CGST) levied by the central government and State GST (SGST) levied by the state governments, applicable on intra-state transactions.
IGST is levied on inter-state transactions of goods and services. It is equivalent to the combined rate of CGST and SGST and is collected by the central government.
GST rates in India include 0%, 5%, 12%, 18%, and 28%. Some items are exempted or taxed at a nil rate.
ITC allows businesses to claim credit for the GST paid on input goods and services against the GST liability on output supplies, reducing the overall tax burden.
The threshold limit for GST registration is Rs. 20 lakhs (Rs. 10 lakhs for special category states) of aggregate turnover in a financial year.
The composition scheme is for small businesses with a turnover up to Rs. 1.5 crores. They can opt for a simplified compliance process and pay a fixed percentage of their turnover as tax.
Under the reverse charge mechanism, the recipient of goods or services is liable to pay GST instead of the supplier. It is applicable in specific cases.
GSTN is the technology backbone that manages the entire GST system, including registration, return filing, and compliance.
GST is calculated by applying the applicable GST rate on the transaction value of the supply of goods or services.

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