GST Executive
GST Executive Interview Questions and Answers
Q1. Using Amazon STAR framework explain in detail one achivement
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
Q2. What is GST explain its journal entry
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
Q3. Tell regarding ITC
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
Q4. GSTR 2B vs 2A
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
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