10+ Taxation Executive Interview Questions and Answers

I was responsible for managing GST and indirect taxes, ensuring compliance and minimizing tax liabilities.

• Managed GST registration, filing returns, and resolving any tax-related issues

• Analyzed and interpreted GST laws and regulations to ensure compliance

• Implemented tax planning strategies to minimize indirect tax liabilities

• Collaborated with cross-functional teams to assess the impact of indirect taxes on business operations

GST- definition of supply, GST TDS TCS applicability, RCM, E Way Bill, Place of Supply, Time of Supply, Blocked credit - ITC

• GST- definition of supply refers to the transfer of goods or services for consideration

• GST TDS (Tax Deducted at Source) is applicable when making certain payments like salary, rent, etc.

• GST TCS (Tax Collected at Source) is applicable for e-commerce operators

• Reverse Charge Mechanism (RCM) requires the recipient of goods or services to pay the tax instead ...read more

Automate invoice processing and use software to manage and organize invoices.

• Use software to scan and extract data from invoices

• Implement an automated approval process for invoices

• Organize invoices by vendor, date, and amount

• Set up alerts for overdue invoices

• Consider outsourcing invoice processing to a third-party provider

Tax policy refers to the government's approach to taxation, including rates, exemptions, and deductions.

• Tax policy can impact economic growth and income inequality

• Examples of tax policy include progressive taxation and tax incentives for certain industries

• Tax policy is often debated and revised by lawmakers

• International tax policy can also impact trade and investment

Late filing of tax returns can result in penalties. Due dates vary depending on the type of tax return.

• Due dates for tax returns vary depending on the type of return and the taxpayer's filing status.

• Penalties for late filing can range from a percentage of the tax owed to a flat fee per month.

• For example, the due date for individual income tax returns is usually April 15th, but it may be extended in certain circumstances.

• In contrast, the due date for corporate tax returns is t...read more

RCM stands for Reverse Charge Mechanism. Block credit in GST refers to the restriction on claiming input tax credit.

• RCM is a mechanism where the recipient of goods or services is liable to pay the tax instead of the supplier.

• RCM is applicable in certain cases such as when goods or services are purchased from an unregistered dealer.

• Block credit refers to the restriction on claiming input tax credit for certain goods or services such as motor vehicles and food and beverages.

• Blo...read more

GSTR-1 is filed to report outward supplies made by a taxpayer in a given period.

• Log in to GST portal and select GSTR-1 form

• Fill in details of outward supplies made during the period

• Validate and submit the form

• Generate and file the return using DSC or EVC

• Once filed, the details cannot be edited but can be amended in next period's return

Expenses of software companies can include research and development costs, employee salaries, marketing expenses, and software licensing fees.

• Research and development costs for creating new software products

• Employee salaries for software developers, engineers, and other staff

• Marketing expenses for promoting software products

• Software licensing fees for using third-party software tools

• Hardware costs for servers, computers, and other equipment

BRS stands for Bank Reconciliation Statement, which is a document that compares the bank balance as per the company's records with the balance reported by the bank.

• BRS is used to identify any discrepancies between the two balances.

• It helps in ensuring the accuracy of financial transactions recorded by the company.

• Common reasons for discrepancies include outstanding checks, deposits in transit, bank errors, etc.

• Once the discrepancies are identified, adjustments can be made to ...read more