GST Executive Interview Questions and Answers

Implemented a new customer feedback system resulting in a 20% increase in customer satisfaction

• Identified the need for a more efficient feedback system

• Designed and implemented the new system using Amazon STAR framework

• Analyzed data to track customer satisfaction levels before and after implementation

• Collaborated with cross-functional teams to ensure successful implementation

GST is a consumption tax levied on the supply of goods and services in India.

• GST stands for Goods and Services Tax

• It is a destination-based tax, meaning it is levied at the point of consumption

• There are three types of GST in India - CGST, SGST, and IGST

• Journal entry for GST payable: Debit GST Receivable / Input Credit, Credit GST Payable

• Journal entry for GST receivable: Debit GST Receivable, Credit GST Payable / Output Tax

Input Tax Credit (ITC) is a mechanism to avoid double taxation on goods and services.

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

• It helps in reducing the overall tax liability of businesses.

• ITC is available for taxes paid on inputs such as raw materials, services, capital goods, etc.

• Example: If a manufacturer pays GST on raw materials, they can claim ITC to offset the tax liability on the final product.

• ITC is an i...read more

GSTR 2B is a static statement generated on the basis of GSTR 1, 5, 6, 7 filed by suppliers, while GSTR 2A is a dynamic statement reflecting purchases as per suppliers' GSTR 1.

• GSTR 2B is auto-populated and cannot be edited by the recipient, while GSTR 2A can be edited by the recipient.

• GSTR 2B provides a consolidated view of all invoices received from various suppliers, while GSTR 2A shows individual invoices from each supplier.

• GSTR 2B is generated on the 12th of the following ...read more