GST Mastery: Understanding Goods and Services Tax in India

About Course

Course Introduction:

This in-depth GST certification course is designed to provide a thorough understanding of Goods and Services Tax (GST) in India. The course covers all critical aspects of GST, from its basic principles and taxable events to complex topics like input tax credit, job work, and reverse charge mechanisms. Whether you’re a finance professional, entrepreneur, or student, this course will help you master the intricacies of GST, enabling you to navigate tax laws with confidence.

Section 1: GST 01 – Taxable Event and Scope of Supply

This section introduces the foundational concept of GST—taxable events and the scope of supply. Students will learn about the nature of taxable events under GST, how supply is defined, and how various activities come under GST’s purview. Practical illustrations will help clarify the nuances of these concepts, preparing students to better understand the operational aspects of GST.

Section 2: GST 02 – Meaning of Goods and Services and Chargeability

In this section, we delve into the essential elements that define goods and services under GST. The course explains the chargeability of GST, focusing on different types of supplies, including intra-state and inter-state supplies. The section also covers the taxability of various products like petroleum and composite supplies, providing clarity on their GST obligations.

Section 3: GST 03 – Composition Levy

Here, students will gain insights into the Composition Levy scheme under GST. This section explains the composition tax rate, the conditions for eligibility, and the process involved in opting for or withdrawing from the scheme. The section also includes illustrative examples to help students understand the benefits and limitations of the Composition Levy for small taxpayers.

Section 4: GST 04 – Reverse Charge Mechanism

The Reverse Charge Mechanism (RCM) is a critical aspect of GST, and this section offers an in-depth explanation. It focuses on the concept of reverse charge, the specified goods and services covered under RCM, and the registration requirements for unregistered persons. Students will learn through practical examples to understand how RCM affects different stakeholders in the supply chain.

Section 5: GST 05 – Time of Supply

Time of Supply plays a vital role in determining the taxable event for GST. This section explains the statutory provisions related to time of supply for goods and services, both under forward and reverse charges. The course also includes examples illustrating how to calculate the time of supply and deal with changes in the rate of tax.

Section 6: GST 06 – Place of Supply

Understanding the place of supply is essential for determining the applicable GST rates. This section covers provisions for determining the place of supply for goods and services. Topics include supply of services in different scenarios, such as restaurant services, transportation, and events, with practical illustrations for easy comprehension.

Section 7: GST 07 – Taxable Person and Registration

This section focuses on who qualifies as a taxable person under GST and the process of GST registration. It covers the concept of aggregate turnover, liability for registration, and the steps involved in registration. Additionally, it explains special cases such as non-resident taxable persons and electronic commerce operators.

Section 8: GST 08 – Job Work

Job work is a significant component of the manufacturing process under GST, and this section explores the term “job worker” in detail. It covers the removal of goods for job work, the clearances of waste and scrap, and the registration requirements for job workers. Practical examples help to reinforce these concepts.

Section 9: GST 09 – Input Tax Credit

This section provides a comprehensive overview of Input Tax Credit (ITC) under GST, focusing on the eligibility criteria, the process of claiming ITC, and the documentation required. It also explains the conditions under which ITC can be claimed and reversed, with examples to demonstrate various scenarios.

Section 10: GST 10 – Determination of Value of Supply

Understanding the value of supply is critical for calculating GST liability. This section explains how to determine the value of taxable supplies, including the transaction value and rules for related persons. It also discusses the inclusion of taxes, duties, and fees in the value of supply, with practical examples to illustrate different valuation methods.

Conclusion:

By the end of this comprehensive GST course, you will have a deep understanding of the various concepts and provisions under GST. You’ll be equipped to handle GST-related queries, comply with regulations, and take strategic decisions for businesses. Whether you’re looking to enhance your career or ensure that your business remains compliant, this course provides the essential tools and knowledge you need.

What Will You Learn?

Understand Key GST Concepts: Learn the fundamentals of GST, including taxable events, scope of supply, and its impact on business operations.
Master Taxable Supplies: Explore different types of taxable supplies, such as goods and services, and how they are classified under GST.
Navigate GST Registration and Compliance: Gain insights into the process of registration, the role of taxable persons, and the responsibilities of businesses.
Apply Reverse Charge Mechanism (RCM): Understand how reverse charge works, including its applicability to unregistered persons and specific goods and services.
Master Input Tax Credit (ITC): Learn how to claim and utilize input tax credit, including its limitations and the proper way to reverse credits.
Value the Supply Accurately: Understand how to determine the value of taxable supplies, accounting for discounts, related persons, and market value.
Grasp the Role of Composition Scheme: Understand the composition levy, conditions, and its tax benefits for small businesses.
Analyze Time and Place of Supply: Learn the rules for determining the time and place of supply, an essential aspect for ensuring correct tax liability.
Explore Taxability in Various Scenarios: Examine various taxability cases including intra-state and inter-state supplies, and the taxation of goods.
Understand Job Work and Exemptions: Explore special provisions for job workers, exemptions available for specific sectors, the process of clearance of goods.
This course aims to provide students with a solid foundation in GST, enabling them to effectively manage and comply with GST regulations.

Material Includes

18.5 hours on-demand video
3 downloadable resources

Requirements

Basic Understanding of Taxation: Familiarity with basic taxation concepts (such as VAT, service tax, or income tax) will be helpful but not mandatory.
Interest in Business or Finance: This course is ideal for those working in or planning to enter fields related to accounting, finance, business management, or taxation.
No Prior GST Knowledge Required: The course is designed for beginners, so no prior GST knowledge is necessary. The concepts will be explained step-by-step.
Access to a Computer and Internet: As this course involves online learning, students will need a stable internet connection and access to a computer or smartphone.
Eagerness to Learn: An enthusiasm to grasp the complexities of GST laws, rules, and their practical application in business is key for success in this course.

Target Audience

Accounting and Finance Professionals: Chartered accountants, tax consultants, financial analysts, and accountants who wish to deepen their understanding of GST and apply it to their clients' needs or their own businesses.
Entrepreneurs and Business Owners: Individuals running small, medium, or large businesses who need to understand GST compliance, tax filing, and efficient tax planning to ensure their business is GST-compliant.
Tax and Audit Professionals: Auditors, tax advisors, and legal professionals who want to expand their expertise in the GST domain and advise clients effectively on tax planning, deductions, exemptions, and tax liability.
Government Officials: Employees working in tax-related government departments who need to stay up-to-date with the latest GST rules, regulations, and procedural changes.
Students Pursuing Finance or Business Studies: Students of finance, accounting, or business management who want to gain a practical understanding of GST laws and taxation systems in India.
General Public Interested in Taxation: Individuals looking to understand the impact of GST on goods and services and how it affects the economy and businesses.

Course Curriculum

GST 01 – Taxable Event and Scope of Supply

GST Certification
Introduction to Taxable Event and Scope of Module
Taxable Event under GST
Taxable Event under GST Continues
Piratical Illustration of GST
Meaning and Scope of Supply in GST
Activities and Illustration of GST
Supply Analysis Under GST
Supply Analysis Under GST Continues
Activities Supply of GST
More on Activities Supply of GST
Schedules III in Supply of Good or Services
Overview of Taxable Event and Scope of Module

GST 02 – Meaning of Goods and Services and Chargeability

Introduction to Chargeability in GST
Introduction to Chargeability in GST Continues
Meaning and Ingredient in Good
Meaning of Services in GST
Taxability Under GST
Charging Section of SGST
Charging Section of GST Continues
Intra State Supply in GST
Illustration of Intra State Supply in GST
More on Intra State Supply
Illustration of CGST
Taxability of Petroleum Products
Taxability of Composite Supply
Taxability of Mixed Supply

GST 03 – Composition Levy

GST 04 – Reverse Charge Mechanism

Introduction to Reverse Charge Mechanism
Concept of Reverse Charge
Meaning of Reverse Charge
Reverse Charge for Specified Goods and Services
List of Specified Services
List of Specified Goods
Reverse Charge for Unregistered Person
Example of Unregistered Person
More on Unregistered Person
More on Unregistered Person Continues
Registration Requirement

GST 05 – Time of Supply

Introduction to Time of Supply in GST
Need for Time of Supply
Statutory Provisions
Statutory Provisions Continues
Time of Supply of Good in Forward Charges
Example of Goods in Forward Charges
Example of Goods in Under Forward Charges
Time of Supply of Services in Forward Charges
Example of Services in Forward Charges
Meaning of Reverse Charges
Time of Supply of Goods in Case of Reverse Charges
Time of Supply of Services in Case of Reverse Charges
Time of Supply of Vouchers
Types of Vouchers
Residuary Cases in Time of Supply
Changes in Rate of Tax
Example of Changes in Rate of Tax

GST 06 – Place of Supply

Introduction to Goods and Services
Provisions for Place of Supply
Goods on Board
Place of Business
Illustration on Place of Business
Goods Imported and Exported
Supply of Services
Registered and Unregistered Person
Restaurant and Catering Services
Organising an Event
Transportation Services
Board of Conveyance
Services of Import and Export
Services of Import and Export Continues
Transportation of Goods
Overview on Place of Supply

GST 07 – Taxable Person and Registration

Introduction to Taxable Person and Registration
Concepts of Taxable Person
Non Resident Taxable Person
Meaning of Aggregate Turnover
Illustration on Taxable Person
Illustration on Taxable Person Continues
Liability for Registration
Sections of Registrations
Notification for Registration
Supply of Handicraft Goods
Exemption to Supplier
Exemption to Job Workers
Electronic Commerce Operator
Requirements for Registration
Single and Multiple Registration
Multiple Registrations
Steps For Registrations
Verification of the Registration
Summary of Registration
Steps for Non Taxable Person
Structure of GSTIN
Cancellation of Registration

GST 08 – Job-work

Introduction to Goods and Services Tax
Understanding the Term Job Worker
Removal of Goods for Job Workers
Terms of the Provisions of the Sections
Illustration on Goods for Jobwork
Clearance of Waste and Scrap
Restriction for Inputs and Capital
Registration Requirement for Job worker
Different Rate of Taxes

GST 09 – Input Tax Credit

Introduction to Input Tax Credit
Identifying the Value Addition
Example on Input Tax Variable
Value of Good Tax
Understanding Utilization of Credit
Credit of Law for CGST
Input Tax Credit
Information on Raw Material
Definition of Capital Goods
Conditions for Input Tax Credit
Manner of taking Input Tax Credit
Example on the Conditions
Documentary requirement for Claiming ITC
Solving the Input Tax Problem
Solving the Input Tax Problem Continues
Installment against an Invoice
Study on Reversal of Credit
Calculating Tax on Capital of Goods
Specified Supply of Goods and Services
Works Contract Services
Concept of Construction Services
Overview on Input Tax Credit
ITC on Capital Goods
Manner of Claiming Credit
Summary on Input Tax Credit

GST 10 – Determination of Value of Supply

Introduction to Value of Supply
Transaction Value as Value of Supply
Related Person
Taxes, Duties and Fees
Items to be Included in Value of Taxable Supplies
Discount Given Before and After Supply
Example 1
Example 2
Determination of Value of Supply-Valuation Rules
Determination of Value of Supply-Valuation Rules Continue
Meaning of Open Market Value
Supply Between Distinct or Related Person Other than Agent