1.What are rules of ITC 2.Recent changes in ITC rules regarding GSTR 2B. 3.Inadverted duty structure. 4.what is RCM and cases covered under RCM 5.Refund in case of inadvered duty structure 6.Export definition This round was little bit difficult as partners was asking questions very fast. So very well preparation is required for this round.

Question

Accepted Answer

Questions on ITC rules, recent changes, RCM, inadverted duty structure, refund, and export definition for Manager Indirect Taxation.

ITC rules govern the claiming of input tax credit on purchases made for business purposes.
Recent changes in ITC rules include the introduction of GSTR 2B, which provides an auto-populated summary of input tax credit available to the recipient.
Inadverted duty structure refers to a situation where the tax rate on inputs is higher than the tax rate on the final product, resulting in accumulation of excess input tax credit.
RCM or reverse charge mechanism is a system where the recipient of goods or services is liable to pay the tax instead of the supplier.
Refund can be claimed in case of inadverted duty structure, where excess input tax credit has accumulated due to the inverted tax structure.
Export refers to the supply of goods or services from India to a foreign country, which is treated as a zero-rated supply for tax purposes.

Asked in T R Chadha & Co Llp

Interview Questions Asked to Manager Indirect Taxation at Other Companies