Assistant Manager Indirect Taxation Interview Questions and Answers

Non-generation of e-Invoice or e-way bill can lead to penalties and legal consequences.

• Non-generation of e-Invoice can lead to penalties under GST laws.

• Non-generation of e-way bill can result in detention and seizure of goods.

• In case of non-generation of e-way bill, the transporter can be penalized.

• It is important to ensure timely generation of e-Invoice and e-way bill to avoid legal consequences.

ITC rules allow businesses to claim credit for taxes paid on inputs used in the production of goods or services. Block credit refers to the ITC that cannot be claimed due to certain restrictions. If a customer doesn't reverse ITC on credit note, legal action can be taken.

• ITC rules allow businesses to claim credit for taxes paid on inputs used in the production of goods or services

• Block credit refers to the ITC that cannot be claimed due to certain restrictions

• For example, ITC...read more

Yes, I update tax rates in system and have good proficiency in Excel and SAP.

• I regularly update tax rates in the system to ensure compliance with the latest regulations.

• I am proficient in Excel and use it for data analysis, reporting, and automation.

• I have experience working with SAP and can navigate through its modules with ease.

• I have also developed macros in Excel to automate repetitive tasks and improve efficiency.

• I am always willing to learn and adapt to new technologies...read more

Contingent liability is a potential liability that may or may not occur in the future.

• It is a liability that depends on the occurrence of a future event.

• It is recorded in the financial statements as a footnote.

• Examples include pending lawsuits, warranties, and guarantees.

• Recent amendment: The Companies (Amendment) Act, 2017 introduced a new definition of 'significant influence' which impacts the disclosure of contingent liabilities.

• Budget amendment: The Union Budget 2021 prop...read more