1) Golden rules of accounting? 3) Tell something about GST?

Question

Accepted Answer

Golden rules of accounting are basic principles to maintain financial records. GST is a tax system implemented in India.

Golden rules of accounting are: a) Debit the receiver, credit the giver b) Debit what comes in, credit what goes out c) Debit all expenses and losses, credit all incomes and gains
GST stands for Goods and Services Tax, a tax system implemented in India in 2017
GST replaced multiple indirect taxes like VAT, service tax, excise duty, etc.
GST has 4 tax slabs - 5%, 12%, 18%, and 28%, based on the type of goods or services
GST has helped in simplifying the tax system and reducing the tax burden on consumers

Popular interview questions of Finance Intern