KPMG India Senior Indirect Tax Executive Interview Questions and Answers

Q1. Recent amendments, conditions for claiming ITC
Ans. 
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
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Q2. Gstr -9 checklist
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Q3. Previous work experience
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Q4. RCM related questions
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Q5. Handled any gst litigations
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Q1. Tell me about yourself
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Q2. What is VAT and explain based on your own understanding.
Ans. 
VAT is a consumption tax levied on the value added to goods and services at each stage of production and distribution.
• VAT is a type of indirect tax imposed on the value added to a product or service at each stage of the supply chain.

• It is ultimately borne by the end consumer, as businesses collect the tax on behalf of the government.

• VAT rates and rules vary by country, with some goods and services being exempt or zero-...read more
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Q3. Tell me about you day-to-day task in your previous company.
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Q4. What was the GST rate in Malaysia?
Ans. 
The GST rate in Malaysia was 6%.
• The Goods and Services Tax (GST) rate in Malaysia was 6% before it was replaced by the Sales and Service Tax (SST) in 2018.

• GST was implemented in Malaysia on April 1, 2015, at a rate of 6% on most goods and services.

• Certain essential items such as food, public transportation, and healthcare services were either exempted or zero-rated under the GST system.
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Q5. What is the equation/formula of VAT in your own words?
Ans. 
VAT is a consumption tax added to the price of goods and services at each stage of the supply chain.
• VAT = Output Tax - Input Tax

• Output Tax is the VAT charged on sales of goods and services

• Input Tax is the VAT paid on purchases of goods and services

• VAT is typically expressed as a percentage of the total value of the goods or services

• Example: If the VAT rate is 10% and the selling price of a product is $100, the VAT amou
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It was good study hard

Q1. Prepare based on the job profile
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Q1. How good your at ind AS
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Q2. Take them through the indAS in detailed which you feel good
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Q1. Tell me about yourself
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Q2. Related with my field tax (GST and Financial statements)
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Q3. Again related with accountancy and Tax
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Q1. How you rate yourself in Excel
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Q2. What are the drawback of GST
Ans. 
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
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Q3. What is exempt supply?
Ans. 
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.
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Q1. Advisory dealt with, place of supply provision and time of supply, e commerce transactions,
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Q1. Litigations handled What are the observations identified in DDR report
Ans. 
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
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