Benzo Chem Industries Executive Accountant Interview Questions and Answers

GST is a tax levied on goods and services in India. CGST and SGST are components of GST.

• GST stands for Goods and Services Tax

• It is a tax levied on the supply of goods and services in India

• CGST stands for Central Goods and Services Tax

• It is a tax levied by the central government on intra-state supply of goods and services

• SGST stands for State Goods and Services Tax

• It is a tax levied by the state government on intra-stat...read more

RCM stands for Reverse Charge Mechanism and section 194Q of TDS is related to TDS on purchase of goods.

• RCM is a mechanism where the recipient of goods or services is liable to pay the tax instead of the supplier.

• Section 194Q of TDS mandates that a buyer who purchases goods worth more than Rs. 50 lakhs in a year from a seller is required to deduct TDS at the rate of 0.1%.

• The purpose of section 194Q is to widen the tax b...read more