Chashma Interview Questions and Answers

ITC stands for Input Tax Credit, which is a mechanism to avoid tax on tax by allowing businesses to claim credit for taxes paid on input materials or services used in the production of goods or services.

• ITC helps in reducing the overall tax liability of businesses.

• It ensures that the tax is levied only on the value addition at each stage of the supply chain.

• ITC is available for businesses registered under GST (Goods an...read more

Annual Return GST is a summary of all transactions made during the financial year for GST purposes.

• Annual Return GST is filed by registered taxpayers to provide details of their income, expenses, and GST liability for the year.

• It includes information on sales, purchases, input tax credit claimed, and output tax payable.

• The return is filed online through the GST portal and must be submitted by the due date to avoid pena...read more