There are different types of GST returns that need to be filed either every month or every quarter depending on the type of registration the business. After all this I was asked if I had any questions, so I panicked and just asked for her feedback on my interview and she said that she was content with the interview. Writing code in comment? However, there are some exceptions like petroleum, natural gas, motor spirit and high-speed diesel, Several taxes at the central level made the entire system complex. However, one sector which emerged as a clear backbone of the lockdown period was e-commerce. The law governing GST was passed in the parliament on the 29th of March 2017 and it was implemented across the country on the 1st of July 2017. Share. For the inter-state sale of goods, CST (Central State Tax) was levied by the centre. This is called, Difference between GST Tax and Old Tax Structure, GST is applied on the supply of goods and services, GST rates of goods & services are the same across all the states in India, Different tax rates were applied in different states, The centre and the state collects SGST and CGST on every sale transaction respectively, VAT was collected by the state in which the sale transaction took place and used by the state government. I was able to solve 7 MCQ’s correctly and 2 coding questions fully and 1 partially. In this case, the manufacturer will charge Rs 3,600 as IGST and the revenue will be collected by the central government, If the same dealer sells the goods further in Karnataka only, then he will charge CGST of 9% and SGST of 9% from the receiver of the goods. With different VAT laws in different states, you were required to file various tax documents accurately and on time. In the pre-GST time, the taxpayers could not claim the credit on central sales tax, entry tax, luxury tax and other indirect taxes. Each state collected Value Added Tax (VAT) for the sale of goods within the same state. GSTIN is a tax registration number under GST that businesses get after a successful registration. It has opened doors to opportunities for some and put the rest through trying times. 133 Ratings & 90 Reviews. These products and services are taxed by the individual State Governments, as per their tax policies. Balance payment of /- can be made before dispatch of products.T&C* IN STOCK. PRE-ORDER PRICE. This is called an input tax credit. For example, GSTR-1 has to be filed by a regular taxpayer every month with the details of outward supplies of goods or services. What are GST Returns? Stay updated with Razorpay Learn for more on the goods and services tax. Razorpay Interview Experience for Software Developer ( 2.5 years Experienced) 29, Jan 21. will help you better understand this subject. The government has clearly spelt out a few instances in which the reverse charge mechanism is employed and understanding the same can help both businesses and individual customers understand their transactions in a more comprehensive manner. Now, the procedure occurs online, making it not only simple but also extremely quick. A Step-By-Step Guide. He also asked a few stereotypical HR questions. With GST, this issue is totally eliminated. Some of these include the following: Our in-depth article on GST rules for startups will help you better understand this subject. Wholesale Price Index (WPI) represents the price of representative commodity basket of 697 items at the wholesale level, i.e. With the introduction of GST, many indirect taxes such as VAT, CST, excise duty have been subsumed, and now there are no restrictions on claiming tax paid on purchases. Microsoft Internship … Under GST, taxes claimed in the previous stages can be adjusted to the later-stage tax liability while filing GST returns. The Council is chaired by the Union Finance Minister and is tasked with revisions, regulations and rates that may apply to the GST law. 10 Best Free Online Font Generators to Level Up Your Content in 2021, Instagram Captions for Every Type of Post or Business, Business ideas that you can start from home, Why the introduction to a Blog is so important. Here’s how the value of the goods & tax on it changes, and the final effect on the price under old tax laws. GSTN and GSTIN are two different things under GST. GST, aka the Goods and Services Tax, is an indirect tax in India. Start Team Fundraising. This portal is used by the Government of India to track every financial transaction, provide taxpayers with all GST-related services – from registration to filing taxes and maintaining all GST details. After that, I wrote the optimized code in the Docs and explained the code while writing to the interviewer both verbally and also by adding meaningful comments. VSP ₹ 29,320 MRP ₹ 34,590 15% off (You Save ₹5,270) Inclusive of all taxes. The retailer adds its advertisement cost of Rs 300. ADD TO CART. With its origin, it has replaced many other indirect taxes in India such as VAT, CST, central excise duty, service tax and so on. This 6-digit uniform code can be used to classify more than 5,000 products, and are also used for classification for tax purposes. Writer-by-chance and overthinker-by-choice, raging a war against the Pineapple-on-pizza brigade. Unlike previous indirect taxes, this tax is collected at the point of consumption and not at the point of origin. This condition is known as the, Under GST, taxes claimed in the previous stages can be adjusted to the later-stage tax liability while filing GST returns. Shipping Address - 402 First Floor, Rajindra Jaina Tower, Wazirpur Commercial Complex, Near Shalimar Bagh Metro, Behind Petrol Pump , New Delhi-110052, India; 9999715747 [email protected] 7 Days a week from 09-00 am to 06-00 pm ; Infomation. Before the introduction of GST, such transactions were subjected to VAT, central excise or service tax. If you keep all your documents in perfect order, then filing your taxes becomes a task that’s reduced to a few simple clicks, With e-commerce services being a major sector of the economy in India, the implementation of GST has been a huge boon. GST is levied at the point of consumption of the goods or services. And, the tax burden on the end consumer is reduced. With the composition scheme, the government has ensured that more startups can flourish in a market that has become friendlier towards their plight, Businesses can also enjoy much higher liquidity as their taxes are set at a lower rate, Businesses can gain from lesser compliance that comes with all of these exemptions (maintaining records, filing returns, issuance of invoices, and so on), making it easier for them to run their operations as they do not have to spare a resource to get these things done. That means the revenue collected from such sales are shared equally between the centre and the state. Contact Us. Compare the best Payment Processing software of 2021 for your business. Pay 5200. as a booking amount for priority delivery post lockdown. After this news came in the market the demand for Paytm multi folds which has dragged the price to 17k-18K level. The return has to be filed with the tax authorities and the authorities use the same information to, What is important here is that to file GST returns, a business needs to have GST-compliant invoices of their sales and purchases. Then I wrote a few edge cases and tried to break down the problem into simpler terms. Then she shared a doc that already had a question with a few test cases already written. Your team can share their individuals stories, define their own goals, and even their own perks (coming soon) Free Crowdfunding Ebook. This condition is known as the cascading effect. Enter your email address below to subscribe to our newsletter. Subscribe to our weekly newsletter for more. The scheme is ideal for businesses with a turnover of less than Rs 1.5 crore. Add to Favorites; Add to Collection; QRexOrder – SaaS Online ordering / Restaurant management / Reservation system . MCQ’s had +5 -2 weightage whereas coding questions had +50. Attention reader! (ii) The price is based on the valuation report issued by registered valuer CA Harsh Chandrakant Ruparelia, Chartered Accountant. The composition scheme under GST allows taxpayers to enjoy a certain amount of flexibility when paying their taxes. Share on Facebook Share on Twitter LinkedIn Email. Step by step guidelines for crowdfunding. Please use ide.geeksforgeeks.org, Consisted of 8 MCQ’s from OS, DBMS, OOP, DSA, and 3 coding questions. Furthermore, start-ups that deal with both services and goods together just need to file a single tax return instead of different ones, Gone are the days when people had to run around tax offices, waiting in lines day in and out only to be told to come back the next day. These stages are similar to those of a supply chain. Cascading effect is an impact of tax on tax and its removal has impacted the cost of goods. generate link and share the link here. It was developed by the World Customs Organization (WCO) and is considered the global standard when it comes to naming goods. Final Verdict: I did get selected for the Internship . Such GST-compliant invoices can be generated easily using Razorpay Invoices. There are many advantages to availing the composition scheme. With the introduction of GST in India, HSN is now being used under a 3-tiered system. Digitisation of GST compliances has accelerated the processes and reduced manual work, The past fragmented market across state lines has been unified with a huge decline in the cost of the goods, Taxes on lotteries, betting, and gambling, Warehouse adds Rs 250 for labelling & packaging, Advertisement cost of Rs 300 added by the retailer, The tax liability was passed on to every next stage, and the final price effect comes on the end consumer. Such GST-compliant invoices can be generated easily using, Businesses can enjoy a much lesser tax liability when they avail this scheme. (iii) As per the terms of the Share Purchase Agreement dated March 2, 2020, KAE Capital Fund II, Kalysta Capital Fund II (Mauritius), are getting Nazara Tech shares for a swap of Halaplay Technologies Private Limited (Halaplay). Type above and press Enter to search. Certain products and services like petroleum products, high-speed diesel, motor spirit, natural gas, aviation turbine fuel, and alcoholic liquor for human consumption do not come under GST. The GST rates applicable to composition dealers are as follows. Your fundraising page can be accessed from any phone. For instance, if a product is manufactured in West Bengal and is sold to an end consumer in Karnataka, then GST will be levied and collected by the Government of Karnataka and not West Bengal. As the name suggests, GST is levied on the sale of goods and services in the country. Secure Payment with RazorPay. In the indirect tax regime before GST, the indirect taxes were levied by the states and the centre. Only IGST of 18% will be levied on such goods. On account of the non-availability of data for several sub-groups in May and April, the statistical office used an imputation methodology recommended in the Business continuity guidelines to calculate the consumer price index. reverse charge mechanism and self-invoicing here. Let’s understand how the introduction of GST reduced cost for end consumers through an example. Applicable to the transactions done within state boundaries or at the intrastate level, Like CGST, this tax is also applicable to the transactions done within state boundaries or at the intrastate level, Applicable to the transactions done between different states or at the interstate level, A manufacturer in Punjab has sold goods to a dealer in Karnataka worth Rs 20,000. How did GST help in price reduction. GST is implemented and regulated by the GST council. Let’s understand the new indirect tax in detail and its implications on businesses, corporates and individuals in India. A GST return is typically a document that includes purchases, sales, GST paid and input tax credit (ITC) of a registered business. After writing the code in Google Docs(not an IDE ), I was instructed to copy the code in the GfG editor and execute all the given test cases. acknowledge that you have read and understood our, GATE CS Original Papers and Official Keys, ISRO CS Original Papers and Official Keys, ISRO CS Syllabus for Scientist/Engineer Exam, Internship Interview Experiences Company-Wise, Microsoft's most asked interview questions, Amazon Interview | Set 44 (For Internship), Amazon Interview | Set 60 (For Internship), Adobe Interview | Set 13 (On Campus for Internship), Goldman Sachs Interview Experience for Summer Internship | Off-Campus (2020-21), Amazon Interview | Set 118 (On-Campus for Internship), Goldman Sachs Interview | Set 4 (On-Campus for Internship), Uber Interview Experience (On Campus for Internship 2018-19), Google Interview Experience | Set 7 (For Software Engineering Intern), Amazon Interview Experience | Internship Drive, Difference Between Traditional Marketing and Digital Marketing, Goldman Sachs Interview Experience for Summer Analyst Internship'21, Amazon Interview Experience | Set 318 (For SDE Intern), Adobe Systems Online Test (On-Campus Internship), BNY Mellon Interview Experience | On-Campus Summer Internship 2021, Microsoft Interview Question for Internship, JP Morgan Interview Experience (Code For Good), JP Morgan Chase & Co Interview Experience | Set 3 (Internship), JP Morgan Chase & Co. 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The. merits and demerits of the GST Composition Scheme. Here I was asked a lot of questions about my projects and core subjects. A manufacturer produces goods (10% tax rate applicable) worth Rs 1,000 and sends it to a warehouse for labelling & packaging. Some of these include the following: Read this detailed article on the merits and demerits of the GST Composition Scheme. Buy Philips Respironics Trilogy 100 Ventilator at best Price from Hospitalsstore.com | Shop Philips Respironics Trilogy 100 Ventilator and other ICU Ventilator products at Lowest cost | Branded genuine products, Fast delivery , 100% money back guarantee, I wrote down the general logic of the code and after checking all the edge cases, I also gave a brief overview of my approach. By using our site, you Goods have become cheaper for the end consumers after the introduction of GST. The return has to be filed with the tax authorities and the authorities use the same information to calculate GST liability of a business. 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The effect of input tax credit reduces the final value of the goods from Rs 1,963 to Rs 1,705. 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Different taxes like VAT, luxury tax, entertainment tax, various cesses, sales tax, were charged on the state level. Read everything about Input tax credit under GST. This council is made up of the finance ministers of the Central as well as different State Governments. *CBIC had notified the increase in threshold turnover from Rs 20 lakh to Rs 40 lakh which came into effect from the 1st of April 2019. On the other hand, GSTR-4 is a quarterly return that needs to be filed by a business that is registered under the composition scheme. Share. Read everything about reverse charge mechanism and self-invoicing here. How to File Returns Online? Razorpay Interview Experience for SDE-1 (On-Campus 2020) 14, Dec 20. GST offers a wide range of benefits to start-ups. He did drop an odd pearl though. As the name suggests, GST is levied on the sale of goods and services in the country. Voltas 1.5 Ton 5 Star Window Air Conditioner (185LZH) ★ 4.4. Facebook Twitter Pinterest. The threshold remains to be Rs 20 lakh and in case of special category States at Rs 10 lakh for the service providers. Liked this article? In regular circumstances, any supplier of goods and services is liable to pay the Goods and Services Tax (GST). All businesses that are required to be registered under GST have to file monthly, quarterly and/or annual GST returns. It took 17 years for the government to evolve the law and then, the GST bill was passed by the Parliament in the year 2017. Retailers were asking the same question last year when the share price was around 8000-10000. Finally, after making a few syntactical changes to the code, I was able to execute all test cases. In case you are prepared, test your skills using TCS, Wipro, Amazon and Microsoft Test Serieses. Under the GST law, businesses with turnover exceeding Rs 40 lakh* (Rs 10 lakh for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand) is compulsorily required to obtain GST registration.
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