Mahindra Finance Accounts Officer Interview Questions, Process, and Tips

Composite supply is a supply consisting of two or more taxable supplies of goods or services or both, which are naturally bundled and supplied in conjunction with each other.

• Composite supply involves multiple taxable supplies bundled together as a single supply.

• It is treated as a single supply for tax purposes.

• The tax rate applicable to the principal supply is applied to the entire composite supply.

• Example: A laptop so...read more

Composition scheme is a simplified tax scheme for small businesses with turnover below a certain threshold.

• Available for businesses with turnover below a certain threshold

• Allows for simplified tax calculations and compliance

• Businesses under composition scheme cannot collect tax from customers

• Quarterly filing of returns instead of monthly

• Example: In India, businesses with turnover up to Rs. 1.5 crore can opt for composi

Reverse charge mechanism is a system where the recipient of the goods or services is liable to pay the tax instead of the supplier.

• Under reverse charge mechanism, the recipient of the goods or services is responsible for paying the tax to the government instead of the supplier.

• This mechanism is commonly used in cases where the supplier is not registered for GST or is an unregistered dealer.

• It helps in preventing tax ev...read more

Intra-state sale refers to sale of goods within the same state, while inter-state sale refers to sale of goods between different states under GST.

• Intra-state sale is subject to CGST and SGST/UTGST, while inter-state sale is subject to IGST.

• Intra-state sale occurs when both the seller and buyer are located in the same state.

• Inter-state sale occurs when the seller and buyer are located in different states.

• Example of intr...read more