KLG INTERNATIONAL INC Accountant Interview Questions and Answers

GST slabs are different tax rates under the Goods and Services Tax system in India.

• GST slabs are tax rates applied to different categories of goods and services.

• There are four GST slabs in India - 5%, 12%, 18%, and 28%.

• Some essential items like food grains are taxed at 0% under GST.

• Luxury items like cars and tobacco products fall under the highest slab of 28%.

GST return is a document that contains details of income which a taxpayer is required to file with the tax authorities.

• GST return is a document that needs to be filed by registered taxpayers with the tax authorities.

• It contains details of sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax).

• The frequency of filing GST returns varies based on the type of taxpayer and the turnover.

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