Taxation and Accounts Manager Interview Questions and Answers

GST is a customer-friendly act.

• GST reduces the tax burden on the end consumer by eliminating cascading taxes.

• It also simplifies the tax structure and reduces compliance costs for businesses.

• GST allows for input tax credit, which benefits businesses and ultimately leads to lower prices for customers.

• However, there have been some challenges in implementation and compliance for businesses.

• Overall, GST is aimed at benefiting both customers and businesses.

International tax and transfer pricing rules are important for businesses operating across borders.

• International tax rules determine how much tax a business must pay in each country where it operates.

• Transfer pricing rules govern how transactions between different parts of a multinational company are priced.

• These rules are complex and can vary depending on the countries involved and the nature of the business.

• Non-compliance with these rules can result in penalties and reputat...read more

Direct tax includes income tax, corporate tax, and wealth tax. Indirect tax includes GST, customs duty, and excise duty.

• Direct tax is levied directly on the income or wealth of an individual or organization.

• Indirect tax is levied on goods and services and is passed on to the end consumer.

• Direct tax is progressive in nature, meaning the more you earn, the higher the tax rate.

• Indirect tax is regressive in nature, meaning it affects low-income earners more than high-income earne...read more