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NIRMALA MATRIC.HR.SEC.SCHOOL, CHIDAMBARAM QUARTERLY EXAMINATION 2020 STD : XII E MARKS: 90 SUB : ACCOUNTANCY TIME : 2 hrs. PART I I. Choose the correct answer: 20 x 1 20 1. Incomplete records are generally maintained by a. A company b. Government c. Small sized sole trader business d. Multinational enterprises 2. Statement of affairs is a a. Statement of income and expenditure b. Statement of assets and liabilities c. Summary of cash transactions d. Summary of credit transactions 3

How to fill out goods and services tax-ii

How to fill out goods and services tax-ii

1. Gather all necessary financial documents, including sales invoices, purchase bills, and expense receipts.
2. Determine the relevant GST slabs applicable to your goods and services.
3. Fill out the GST-II form with the required details, ensuring accuracy in the information provided.
4. Input total sales and purchases during the tax period.
5. Calculate the total GST collected on sales and total GST paid on purchases.
6. Subtract the total GST paid from the total GST collected to determine net GST payable.
7. Review the completed form for any errors or omissions before submission.
8. Submit the GST-II form by the due date, along with any payment if applicable.

Who needs goods and services tax-ii?

1. Businesses registered under the Goods and Services Tax (GST) regime.
2. Individuals or companies making frequent taxable supplies of goods and services.
3. Service providers who are required to pay GST on their service charges.
4. Anyone interested in claiming input tax credits on their business purchases.

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What is goods and services tax-ii?

Goods and Services Tax-II (GST-II) is a tax system implemented in various countries that levies a tax on the supply of goods and services. GST-II is typically aimed at streamlining the taxation process, enhancing compliance, and reducing tax evasion.

Who is required to file goods and services tax-ii?

Businesses and individuals who supply goods and services that are taxed under GST-II are required to file this tax return. This includes registered taxpayers whose turnover exceeds a specified threshold, as well as those who voluntarily register.

How to fill out goods and services tax-ii?

To fill out GST-II, one must gather relevant financial data regarding sales, purchases, input tax credit, and output tax liability. The form typically includes sections for reporting taxable sales, exempt supply, and total tax payable. It should be filled accurately and submitted within the prescribed deadlines.

What is the purpose of goods and services tax-ii?

The primary purpose of Goods and Services Tax-II is to create a unified tax framework that simplifies tax collecting processes, ensures compliance, reduces cascading taxes, and promotes fair competition among businesses.

What information must be reported on goods and services tax-ii?

The information required includes details of sales and purchases, the total tax collected and payable, input tax credits claimed, exempt supplies, and any adjustments related to previous tax periods.