Abcd Kids Interview Questions, Process, and Tips

Purchase process involves identifying needs, selecting suppliers, negotiating terms, placing orders, receiving goods and making payments.

• Identify the need for a product or service

• Research and select potential suppliers

• Negotiate terms and conditions with the chosen supplier

• Place an order with the supplier

• Receive the goods or services ordered

• Make payment to the supplier

GST stands for Goods and Services Tax. There are three types of GST in India.

• GST is a comprehensive indirect tax levied on the supply of goods and services.

• It was introduced in India on July 1, 2017, to replace multiple indirect taxes.

• The three types of GST are CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), and IGST (Integrated Goods and Services Tax).

• CGST and SGST are levied by the central...read more

Procurement is the process of acquiring goods or services from external sources.

• Procurement involves identifying the need for a product or service

• Finding potential suppliers or vendors

• Negotiating contracts and prices

• Placing orders and receiving goods or services

• Managing supplier relationships and monitoring performance

• Examples include purchasing office supplies, raw materials for manufacturing, or hiring a contractor f

Purchase is the act of buying goods or services while procurement is the process of acquiring goods or services.

• Purchase is a subset of procurement.

• Procurement involves the entire process of acquiring goods or services, including planning, sourcing, negotiating, and purchasing.

• Purchase is the final step in the procurement process.

• Procurement involves strategic decision-making while purchase is a tactical decision.

• Procu...read more