Ernst & Young Indirect Tax Analyst Interview Questions and Answers

Recent amendments and conditions for claiming Input Tax Credit (ITC) are crucial for indirect tax compliance.

• Recent amendments to GST laws have impacted the conditions for claiming Input Tax Credit (ITC).

• Conditions for claiming ITC include proper documentation, matching invoices, and compliance with GST rules.

• Examples of conditions for claiming ITC include timely filing of GST returns, reconciliation of invoices, and v...read more

Drawbacks of GST include complexity, increased compliance burden, and potential for tax evasion.

• Complexity in understanding and implementing GST laws and regulations

• Increased compliance burden for businesses due to multiple filings and documentation requirements

• Potential for tax evasion through fraudulent input tax credit claims

• Impact on small businesses due to higher compliance costs

• Difficulty in determining the corre

Exempt supply refers to goods or services that are not subject to tax.

• Exempt supplies do not attract any tax liability.

• These supplies are specifically listed in the tax laws as exempt.

• Examples include certain food items, healthcare services, and educational services.

Observations identified in DDR report for litigations handled

• DDR report identified multiple instances of non-compliance with tax laws

• Some litigations were due to incorrect interpretation of tax laws

• DDR report recommended implementation of better tax compliance processes

• Litigations related to transfer pricing were also identified in the DDR report