SA Infrastructure Consultants Executive Accountant Interview Questions and Answers

Q1. What are the due dates and forms required for GST returns?
Ans. 
GST returns are filed monthly, quarterly, or annually depending on turnover. Forms like GSTR-1, GSTR-3B, GSTR-4, etc. are required.
• GST returns are filed monthly, quarterly, or annually based on turnover

• Due date for GSTR-1 is 10th of the following month, GSTR-3B is 20th of the following month, GSTR-4 is 18th of the month following the quarter

• Forms required include GSTR-1 for outward supplies, GSTR-3B for summary return,
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Q2. What are the various types of GST returns, and can you explain them in detail?
Ans. 
Various types of GST returns include GSTR-1, GSTR-3B, GSTR-4, GSTR-9, etc.
• GSTR-1: Monthly return for outward supplies

• GSTR-3B: Monthly summary return for taxable supplies

• GSTR-4: Quarterly return for composition dealers

• GSTR-9: Annual return for regular taxpayers
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Q3. What services are included under Reverse Charge Mechanism (RCM) in the Goods and Services Tax (GST)?
Ans. 
Services included under Reverse Charge Mechanism (RCM) in GST are those where the recipient of the goods/services is liable to pay the tax instead of the supplier.
• Legal services provided by an advocate or a firm of advocates

• Services provided by an arbitral tribunal

• Services provided by an insurance agent

• Services provided by a recovery agent

• Services provided by a director to a company

• Transportation of goods by road servi...read more
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Q4. What are the different sections of TDS and can you provide a brief explanation of each?
Ans. 
The different sections of TDS include salary, interest on securities, dividends, interest other than interest on securities, winnings from lotteries, etc., and income from house property.
• Salary: TDS is deducted from the salary paid to employees.

• Interest on securities: TDS is deducted on interest earned from securities like bonds, debentures, etc.

• Dividends: TDS is deducted on dividends paid by companies to shareholders.

• ...read more
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Q5. Could you provide a brief explanation of your previous work experience and describe the responsibilities you had at your last company?
Ans. 
I have 5 years of experience as an accountant at a medium-sized company, where I managed financial records and prepared reports.
• Managed financial records and transactions

• Prepared financial reports and statements

• Assisted with budgeting and forecasting

• Performed audits and reconciliations

• Collaborated with other departments on financial matters
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Q6. What is the impact of Input Tax Credit (ITC) in the Goods and Services Tax (GST) system?
Ans. 
Input Tax Credit (ITC) in GST allows businesses to reduce their tax liability by claiming credit for taxes paid on inputs.
• ITC helps in preventing cascading effect of taxes, where taxes are levied on taxes already paid.

• It encourages compliance as businesses need to ensure proper documentation and reporting to claim ITC.

• ITC reduces the overall cost of goods and services, making them more competitive in the market.

• Example...read more
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Q7. How did you come to know about the company?
Ans. 
I came to know about the company through a job posting on a popular job search website.
• I found the job posting on Indeed.com

• I also saw the company's profile on LinkedIn

• A friend recommended the company to me
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Q8. What are the steps to create journal entries in Tally?
Ans. 
Steps to create journal entries in Tally
• Open Tally and select the company for which you want to create journal entries

• Go to 'Accounting Vouchers' section

• Select 'F7: Journal' to create a new journal entry

• Enter the date, ledger accounts, and amounts for debit and credit sides

• Save the journal entry by pressing 'Ctrl+A'
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Q9. Where do you see yourself in the near future?
Ans. 
In the near future, I see myself advancing in my career as an Accountant, taking on more responsibilities and potentially moving into a managerial role.
• Continuing to enhance my skills and knowledge in accounting practices

• Seeking opportunities for professional development and growth within the company

• Working towards obtaining additional certifications or qualifications in accounting

• Building strong relationships with cli...read more
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Q10. Could you explain a specific GST notice you have dealt with and describe in detail how you managed to resolve it?
Ans. 
Resolved a GST notice by identifying errors in input tax credit calculation and providing supporting documentation.
• Identified errors in input tax credit calculation

• Reviewed purchase invoices and reconciled with GST returns

• Provided supporting documentation to prove correct input tax credit claims
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Q1. Basic accounting questions
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Q2. Only basic accounting questions
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Q1. General questions only about yourself
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Q1. Be ready to answer old school accounting questions like Golden rules , Journal entries and your profile
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Q1. They are asking about experience
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Q1. Regarding Invoice Related to Taxation
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Q2. Regarding Provision and Branch Entries
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Resonning and math current affairs

Yes