Practical Trainee Interview Questions and Answers

Blocked credit in GST refers to the situation where input tax credit cannot be utilized for payment of output tax liability.

• Blocked credit includes taxes paid on goods or services used for personal consumption, goods lost, stolen or destroyed, and motor vehicles

• Blocked credit can also occur when the supplier has not paid the tax to the government

• Blocked credit can be claimed as a refund or carried forward to the next tax period

• Blocked credit can lead to an increase in the tax...read more

Auditing is the process of examining and verifying financial records to ensure accuracy and compliance with laws and regulations.

• Auditing involves reviewing financial statements, records, and transactions

• It is done to ensure accuracy, completeness, and compliance with laws and regulations

• Auditors may also provide recommendations for improving financial processes and controls

• Examples of audits include financial statement audits, internal audits, and compliance audits

ITC intelligibility under GST refers to the clarity and understanding of Input Tax Credit rules and regulations.

• ITC can be claimed only on goods and services used for business purposes

• ITC cannot be claimed on personal or exempted goods and services

• ITC can be claimed only if the supplier has paid the tax to the government

• ITC can be claimed only if the recipient has received the goods or services

• ITC can be claimed only if the recipient has a valid tax invoice or debit note

• ITC c...read more