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Goods and Services Tax

GST was the major Indirect Tax reform that has happened from the date of Independence. The history of GST dates back from the year 2003. It was first suggested by Kelkar Task Force on Indirect Taxes in the year 2003 based on VAT principle. A proposal was made by Mr. P Chidambaram in the budget speech for the financial year 2006-07, but due to various hurdles and difficulties faced from the opposition leaders in parliament sessions in implementation, finally GST was implemented in the year 2016-17 by subsuming most of the Indirect Taxes and has got implemented on July 1, 2017. GST subsumed most of the Indirect Taxes levied prevailing in India. The subsumed Indirect Taxes were provided below

List of Indirect Taxes subsumed under GST levied by Central Government

  • Central Excise Duty
  • Duties of Excise (Medicinal and Toilet Preparations)
  • Additional Duties of Excise (Goods of Special Importance)
  • Additional Duties of Excise (Textiles and Textile Products)
  • Additional Duties of Customs (Commonly known as Countervailing Duty)
  • Special Additional Duty of Customs
  • Service Tax
  • Central Service Charge and Cesses so far as they relate to Supply of Goods and Services

List of Indirect Taxes levied by State Government subsumed under GST

  • Value Added Tax
  • Central Sales Tax
  • Luxury Tax
  • Entry Tax (All Forms) not in lieu of octroi
  • Entertainment and Amusement Tax (except when levied by local bodies)
  • Tax on Advertisements
  • Purchase Tax
  • Taxes on Lotteries, betting and gambling
  • State surcharge and cesses so far as they relate to supply of Goods and Services

About Corporate GST Training Course offered by GITS Academy

The corporate training courses offered from Gits Academy will provide you greater awareness, practical aspects covered under GST and understandability of nature and scope of GST implementation and its transitional provisions applicable under GST Act, 2017. The main objective of this training is to provide key knowledge of GST and for easing compliance matters with using IT infrastructures under GST.

Objectives of GST Training Course offered by Gits Academy

The main objective of GST training course is to enable the participants to

  • Understand the overall GST law and rules made thereof and implementation of compliance and enforcement issues.
  • Provide knowledge about how and when to charge CGST, SGST and IGST/UGST.
  • Provide knowledge of Point of Taxation rules applicable for various business houses and its impact of specific busiess in charging CGST/SGST and IGST/UGST.
  • Provide knowledge about how GST will impact and effects on the functioning of your organization and changes in the business procedure required for compliance with the new law.
  • Provide practical knowledge about filing of returns, Input Tax eligibility and ineligibility, disclosure procedures to be followed under GST, Tax Deducted at Source (TDS) provisions, procedures to be followed for exports, Refunds and other documents and compliances required under GST Act.
  • Enable about how to use IT infrastructure in compliance of filing of returns, arrangements to be made from the consumers to avail Input Tax, payment of GST.

The training will be provided by accredited GST trainers.

Who should attend GST Training ?

  • Business owners and management
  • Employees of Finance and Accounts department
  • Students from Accounts and Finance background
  • Professional bodies and practioners

GST Training course contents

  • Overview of GST Act and Rules made thereof
  • Registration – Persons liable for registration and persons exempted under GST Act.
  • Amendment, cancellation and revocation of registration.
  • Composition scheme under GST Act
  • Interest rates under GST Act
  • Input Tax eligibility and restrictions under GST Act
  • Input Tax ISD distribution, cross utilization of Input Tax.
  • Exports procedures and refund of Input Tax.
  • Meaning and scope of supply of Goods and Services
  • Time of Supply and valuation of supply of Goods and Services
  • Filing of returns – Types of returns and formats, Input Tax matching, Tax invoice formats, issuing Debit/Credit notes.
  • Applicability of Reverse Charges, TDS and TCS provisions under GST Act
  • Transitional provisions under GST – Carryforward of Input Tax, Input Tax on closing stock etc.
  • Demand, Recovery and Refund
  • Appeals, revision and advance ruling.
  • Inspection, seizure, search and arrest provisions; Prosecution, Offences and Penalties.
  • Assessment and Audit
  • Role of Goods and Services Tax network under GST regime.
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