Interview Questions.

Question 1. What Is Gst?

Answer :

GST is the course-breaking initiative which changed into taken By Indian Government within the modern Indian enterprise situation. It is what the authorities says like one Nation one tax one marketplace.

Question 2. From The Existing Tax Regime, How Do You Think The Transition Would Occur, To Gst?

Answer :

Abruptly the old taxes would be halted at the ultimate day, and the following day the GST you will be stay. These two concepts are such that they will create lot of chaos, and confusion. So now to begin with transition provision the migration of the present tax payers, whether be it Vat or principal excise and be it provider tax, it’s already underneath the process considering the fact that ultimate 3 to 4 months.

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Question 3. What Would Be The Impact Of Gst On Supplies And Sales Perspective?

Answer :

In GST, there may be a factor for time and location of provider of products additionally. Now there can also be a idea of reverse begin mechanism in goods as properly, where the supplier of the goods and the receiver of the goods must pay taxes.

Question 4. How Procurement Of Goods And Services Will Be Impacted In The New Gst Regime?

Answer :

Procurement itself is a complex process in GST. Primary go away all of the inward substances needs to be accompanied with the aid of an invoice and the equal is legitimate in GST regime also. Now there's a large process in the back of invoicing, as quickly as you receive invoices for substances for your business enterprise you are imagined to upload that facts on the GST community.

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Question five. What Is Isd In Terms Of Gst?

Answer :

ISD manner input service distributor, ISD is taken out from Central Excise and carrier tax and is a new concept for state regulation, as Earlier it was in Central Excise and carrier taxes. ISD idea may be used in area of centralized registration because the equal has been scrapped in GST.

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Question 6. How Gst Is Going To Impact Every Other Aspect Of Business?

Answer :

Every component of commercial enterprise will get tormented by GST like income and distribution, Finance, debts payable, invoice passing group, Supply Chain, Logistics, IT and ERPs also.

Question 7. What Will Be The Impact Of Gst On Sezs?

Answer :

As Per Chapter 8 of version IGST law the supply of sale of a SEZ. Developer can be Zero rated. SEZ unit might be treated as interstate dealer.

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Question eight. How Do Organizations Should Gear Themselves Up For The Upcoming Challenges Of Gst?

Answer :

Service p.C. Released by way of SAP and which might be mandatory to be applied. Those are basically to spark off the GST stage modifications at the screen degree. Secondly for implementation of GST the customers have to be one tax INN technique. All the ones customers had been nevertheless going for walks on tax ING procedure need to be migrated to textual content INN manner. These are the 2 obligatory steps which need to be done before the GST implementation.

Question nine. Is It Necessary To Deactivate All Existing Excise Functionality?

Answer :

Not important to deactivate the existing excise functionality. The customers can preserve with the prevailing excise functionalities and with out touching the present functionalities we will implement GST.

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Question 10. How Do We Manage Hsm And Ssc Codes In The Sap System?

Answer :

GST is developing with a idea of HSM and SSC. HSM is already to be had that's being followed inputs by way of the customs. But SSC is some thing new with the intention to be applied within the GST regime.

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Question eleven. How Sap Will Tackle The Mismatch Concept Of Gst?

Answer :

When the GST tax payers e-filing their invoices at the GST networks automatically the reconciliation takes region. However, the GST providers were advised to give extra capability Reconcile a buy sign up with the inward Invoices filed through the providers.

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Question 12. How Would Sap Interact With Gst Network Portal?

Answer :

Only registered entities need to report their invoices through the GST community. However, SAP is making plans to offer required interfaces to add the invoice in the GST community. We are well prepared what makes the capability clean for our clients to upload their invoices at the GST network.

General Accounting Interview Questions
Question thirteen. What Needs To Be Done In Terms Of Master Data Management?

Answer :

The master data will have a chief impact. Hence the implementation will handiest achieve success if the grasp data is ready inside the beginning itself.

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Question 14. How Would The Destination Based Taxation Will Be Mapped In Sap System?

Answer :

There is something call vicinity of supply in tax regime wherein the taxation is going to be determined Whether it's miles going to be IGST, CGST or SGST. As in keeping with the cutting-edge scenario of deliver and procurement. The destination is continually a dynamic state of affairs.

Question 15. How Open Sales Order And Open Purchase Orders Will Get Accounted In The Context Of Shifting To Gst?

Answer :

There would be lot many open buy orders and sales orders to be had at the date of Go stay for GST. It might also occur that we can also should close the present open orders which are not performed or in part performed. In such instances the clients have to re-negotiate with their providers whilst It comes to GST due to the fact Tax charge is likewise going to get modified and there might be effect on landed value of cloth or services and the fees may additionally boom or decrease. After the re-negotiation, the open purchase orders and sales orders Will be closed and clean orders need to be created within the system.

Taxation Interview Questions
Question sixteen. What Is The Kind Of Timeline A Company Should Budget For This Change?

Answer :

It is foremost to have minimal time of 10 weeks for the GST implementation on my own. Various parameters are to be accompanied.

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Question 17. As Finance Team Suggested That Month Of April May Not Be A Good Month For Starting The Implementation, Due To Their Unavailability. Should We Start Now Only With The Ground Work?

Answer :

It isn't always handiest the GST implementation in the system it also requires the process to be addressed after which the process need to be tested and lot of trainings want to be furnished to the customers.

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