Hello Students, First of all a heartiest Congratulation to all of you for clearing your CA intermediate examination and you're welcome to our website where you can check all your queries regarding your Articleship,Career etc.In this Blog post we are providing some important for technical round question for CA Articleship in Indirect Taxation domain here in this post you got to know about all the question that will be asked in technical round of all the big 4s and big 20 firm for your CA articleship
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CA Articleship Indirect Taxation question
CA Articleship technical round questions for indirect taxation with answer for big 4s,big 20
1. How do you stay up-to-date with the latest GST updates discussed in council meetings?
Answer: I stay up-to-date with the latest GST updates by regularly attending industry events and webinars, reading relevant publications, and following updates from the government and industry bodies. I also discuss the latest updates with my colleagues and attend internal training sessions.
2. Can you explain the GST return filing process and its various components?
Answer: The GST return filing process involves the submission of various forms that provide details of sales, purchases, and taxes paid by businesses. The various components of the process include GSTR-1, GSTR-2A, GSTR-3B, and GSTR-9.
3. Can you explain the concept of input tax credit (ITC) and its importance in GST?
Answer: Input tax credit (ITC) is a mechanism that allows businesses to claim credit for the GST paid on Inputs, input services and capital goods used in their business operations. It is an important component of GST as it helps to reduce the cascading effect of taxes and promotes compliance by providing an incentive for businesses to maintain proper records.
4. How do you advise clients on managing their indirect tax liabilities while remaining compliant with GST regulations?
Answer: I advise clients on managing their indirect tax liabilities by reviewing their transactions, identifying areas of risk and opportunity, and providing guidance on compliance and planning strategies. This may involve conducting a tax risk assessment, analyzing financial data, and providing training to client personnel.
5. Can you explain the differences between GST and other indirect taxes such as VAT and service tax?
Answer: While VAT and service tax were applicable only on goods and services respectively, GST is a comprehensive tax that is applicable on both goods and services. Additionally, GST replaces multiple indirect taxes, including VAT, service tax, and central excise duty, making it a more simplified tax regime. The point of levy other indirect taxes at different stages for goods such as central excise at the time of manufacture, VAT at the time of sale and for services at the time of provision of services/ receipt of consideration whichever is earlier. Whereas the point of levy under GST on goods and services is on supply and based on the Time of Supply provisions under GST
6. Can you walk me through the process of GST registration for a new business?
Answer: The process of GST registration for a new business involves submitting an application with the necessary details, such as business name and address, PAN card, and bank account details. Once the application is processed and upon completion of the scrutiny of application by tax authorities, a GST registration number is issued to the business, which is required to collect and remit GST.
7. Can you walk us through the process of filing GSTR-1, GSTR-3B, GSTR-9, and GSTR-9C?
Answer: Sure, the process of filing GSTR-I involves providing details of all outward supplies made during a given period. GSTR-3B is a monthly return that summarizes the details of inward and outward supplies, input tax credit availed, and tax liability. GSTR-9 is an annual return that provides a summary of all the transactions declared in the monthly/quarterly returns filed during the financial year. GSTR-9C is a reconciliation statement that reconciles the financial statements of the taxpayer with the figures reported in the GST returns.
8. What is block credit in GST, and what are the exceptions to it?
Answer: Block credit refers to the input tax credit that cannot be claimed by taxpayers due to certain restrictions imposed by the GST law. For example, credit cannot be claimed on goods or services used for personal consumption or those that are used in making exempt supplies under GST. Other exceptions include goods or services used for making supplies that are not taxable under GST, such as alcohol for human consumption, and goods or services used for non-business purposes.
9. How can you utilize Input Tax Credit (ITC) while filing GSTR-3B?
Answer: Input Tax Credit (ITC) can be utilized while filing GSTR-3B by offsetting the amount of input tax credit against the output tax liability for the same period. This means that the taxpayer can reduce their tax liability by the amount of credit available in their electronic credit ledger. Any excess credit can be carried forward to subsequent tax periods or refunded if certain conditions are met.
10. Can you explain the conditions for claiming ITC in GST ?
Answer: To claim Input Tax Credit (ITC) in GST, the following conditions must be met:
- The taxpayer must be a registered person under GST.
- The goods or services on which ITC is being claimed must be used for business purposes.
- The taxpayer must possess a valid tax invoice or any other prescribed document.
- The tax charged on the invoice must have been paid to the government.
- The taxpayer must have received the goods or services on which ITC is being claimed.
11. Can you explain the concept of E-way bill and its relevance in Indirect Taxation?
Answer: E-way bill is an electronic document required for the movement of goods worth more than Rs. 50,000 under GST. It contains details such as the goods being transported, their value, the parties involved, and the mode of transportation. E-way bill is relevant in Indirect Taxation as it helps in tracking the movement of goods and ensures compliance with the GST law. The threshold for intra state movement of goods is different from state to state.
12. What are the different types of GST returns that need to be filed, and what is the frequency of filing?
Answer: Different types of GST returns that need to be filed include GSTR-1 (outward supplies), GSTR-2 (inward supplies), GSTR-3 (monthly return), GSTR-4 (quarterly return for composition dealers), GSTR-5 ( periodic return for non-resident taxpayers), GSTR-6 (return for input service distributors), GSTR-7 (return for tax deducted at source), GSTR-8 (return for tax collected at source), and GSTR-9 (annual return). The frequency of filing depends on the type of return and the turnover of the business
13. Could you provide examples of goods and services that are exempt from GST?
Answer: Goods and services that are exempt from GST include basic necessities such as food, healthcare, and education, as well as certain financial services and agricultural products. Examples of exempt goods and services include fresh fruits and vegetables, milk, medical services, and educational services
14. What do you understand by - exempted supply/nil rated supply, non-taxable supply / non-GST supply, no supply and zero-rated supply? Explain with examples
Answer:
- Exempt supply: means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax and includes non-taxable supply
- Non-taxable supply: means a supply of goods or services or both which is not leviable to tax under this Act
- No Supply: Transactions specified in Schedule III which are treated neither as supply of goods nor as supply of services, would be considered as "no supply'
- Zero-rated supplies: 1. Export of goods or services or both 2. Supply of goods or services to Special Economic Zone developer or a Special Economic Zone unit
15. What is the concept of deemed supply under GST law?
Answer: There are certain activities which are to be treated as 'supply' under GST even though they are without consideration. Such activities are deemed to be 'supply' under GST law i.e. even though there is no consideration payable in respect of such supply, the GST law treats them as deemed supply. Such activities have been enumerated in Schedule I to the CGST Act.
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