DCW DGM Procurement Interview Questions and Answers

Q1. Define Purchase
Ans. 
Purchase is the act of buying goods or services in exchange for money or other forms of payment.
• Purchase involves acquiring goods or services in exchange for money or other forms of payment

• It is a transaction between a buyer and a seller

• The buyer receives the goods or services in return for payment

• Examples: buying groceries at a supermarket, purchasing a new phone online
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Q2. What is inventory and how you manage it
Ans. 
Inventory is the stock of goods and materials held by a business for production or resale.
• Inventory includes raw materials, work-in-progress, and finished goods.

• Effective inventory management involves forecasting demand, setting reorder points, and monitoring stock levels.

• Inventory turnover ratio is a key metric to measure how quickly inventory is sold and replaced.

• Just-in-time inventory management aims to minimize inv...read more
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Q3. What is GST and how set toff is possible
Ans. 
GST stands for Goods and Services Tax, a consumption tax levied on the supply of goods and services in India.
• GST is a value-added tax levied on most goods and services sold for domestic consumption.

• It is a single tax that subsumes various indirect taxes like service tax, VAT, excise duty, etc.

• GST is set off against the input tax credit available on the purchase of goods and services.

• Businesses can claim input tax credi...read more
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