GST Officer Interview Questions and Answers

Key aspects of Goods and Services Tax (GST) include unified taxation system, input tax credit, and multiple tax rates.

• Unified taxation system: GST replaces multiple indirect taxes with a single tax, making compliance easier for businesses.

• Input tax credit: Businesses can claim credit for taxes paid on inputs, reducing the cascading effect of taxes.

• Multiple tax rates: GST has different tax rates for different goods and services, such as 0%, 5%, 12%, 18%, and 28%.

• Composition sc...read more

Requirements and procedures for GST compliance and filing of returns

• Businesses with an annual turnover exceeding a certain threshold are required to register for GST

• Regular filing of GST returns is mandatory for registered businesses

• GST returns can be filed online through the GST portal

• Various forms are available for different types of taxpayers, such as GSTR-1 for outward supplies and GSTR-3B for monthly summary returns

• Late filing of GST returns can lead to penalties and int...read more

GST was implemented in India on July 1, 2017.

• GST was implemented in India on July 1, 2017, replacing multiple indirect taxes.

• It aimed to simplify the tax structure and create a unified market across the country.

• GST has different slabs for different goods and services, ranging from 0% to 28%.

• It has helped in reducing tax evasion and increasing tax compliance.