Aarvee Associates Accountant Interview Questions and Answers

Resolved a GST notice by identifying errors in input tax credit calculation and providing supporting documentation.

• Identified errors in input tax credit calculation

• Reviewed purchase invoices and reconciled with GST returns

• Provided supporting documentation to prove correct input tax credit claims

GST returns are filed monthly, quarterly, or annually depending on turnover. Forms like GSTR-1, GSTR-3B, GSTR-4, etc. are required.

• GST returns are filed monthly, quarterly, or annually based on turnover

• Due date for GSTR-1 is 10th of the following month, GSTR-3B is 20th of the following month, GSTR-4 is 18th of the month following the quarter

• Forms required include GSTR-1 for outward supplies, GSTR-3B for summary return, GSTR-4 for composition dealers, etc.

Various types of GST returns include GSTR-1, GSTR-3B, GSTR-4, GSTR-9, etc.

• GSTR-1: Monthly return for outward supplies

• GSTR-3B: Monthly summary return for taxable supplies

• GSTR-4: Quarterly return for composition dealers

• GSTR-9: Annual return for regular taxpayers

Services included under Reverse Charge Mechanism (RCM) in GST are those where the recipient of the goods/services is liable to pay the tax instead of the supplier.

• Legal services provided by an advocate or a firm of advocates

• Services provided by an arbitral tribunal

• Services provided by an insurance agent

• Services provided by a recovery agent

• Services provided by a director to a company

• Transportation of goods by road services provided by a goods transport agency

• Services provided ...read more

Input Tax Credit (ITC) in GST allows businesses to reduce their tax liability by claiming credit for taxes paid on inputs.

• ITC helps in preventing cascading effect of taxes, where taxes are levied on taxes already paid.

• It encourages compliance as businesses need to ensure proper documentation and reporting to claim ITC.

• ITC reduces the overall cost of goods and services, making them more competitive in the market.

• Example: A manufacturer can claim credit for the GST paid on raw ...read more

The different sections of TDS include salary, interest on securities, dividends, interest other than interest on securities, winnings from lotteries, etc., and income from house property.

• Salary: TDS is deducted from the salary paid to employees.

• Interest on securities: TDS is deducted on interest earned from securities like bonds, debentures, etc.

• Dividends: TDS is deducted on dividends paid by companies to shareholders.

• Interest other than interest on securities: TDS is deducte...read more