What you'll learn
Understanding the evolution and importance of GST in India's tax structure.
Gaining insights into the registration process, tax rates, and the types of GST (CGST, SGST, IGST).
Learning how to calculate tax liabilities, file GST returns, and comply with documentation requirements.
Mastering the Input Tax Credit (ITC) system, its eligibility, and time limits.
Grasping the process for generating E-Way Bills, managing invoicing, and handling penalties.
Analyzing special provisions like Reverse Charge Mechanism (RCM) and composite levy.
Familiarity with GST audits, offenses, and penalties.
Practical knowledge on handling GST compliance for e-commerce and understanding its implications.
By the end of the course, students will be well-equipped to manage GST compliance, mitigate risks, and apply the principles in real-world scenarios effectively.
Requirements
Basic Knowledge of Accounting: A foundational understanding of accounting principles will help in comprehending taxation concepts better.
Understanding of India's Taxation System: While not mandatory, familiarity with the current tax structure in India, especially indirect taxes, would be beneficial.
Computer Literacy: Proficiency in using basic computer software, especially Excel, and navigating online portals (such as the GST portal) will be helpful for hands-on tasks like filing returns.
No Formal Qualifications Required: The course is designed for beginners and professionals alike, so there are no formal qualifications necessary to enroll.
Description
Course Introduction:This comprehensive course is designed to help students and professionals master the nuances of the Goods and Services Tax (GST) system in India. The course covers the entire GST framework, from its inception and features to its application in real-world scenarios. It provides a detailed understanding of key concepts such as registration, tax rates, reverse charge mechanisms (RCM), input tax credits (ITC), compliance, and the registration process, enabling you to confidently navigate the GST structure in India.Section 1: Introduction to GSTIn this section, you will be introduced to the Indirect Tax Structure of India and how it evolved into the introduction of Goods and Services Tax (GST). Lecture 1 explains the existing tax structure, setting the foundation for understanding the changes that GST brought. Lecture 2 introduces the concept of GST, its significance, and how it streamlines the taxation system by subsuming various taxes.Section 2: Getting Started with GSTThis section dives deeper into the Need for GST and its Definition and Features (Lecture 3). Students will explore the Current Tax Structure of India (Lecture 4) and the Taxes to be Subsumed (Lecture 5), offering insights into the tax reforms GST aimed to address. The Process of Registration in GST (Lecture 6) and how to get Compulsory Registered Under GST (Lecture 7) are crucial for businesses aiming to comply with the law.Section 3: Defining Important TermsIn this section, key terms critical to understanding GST are explained in detail. Important Terms Under GST (Lecture 8) cover concepts like "supply" and "exemption" in GST (Lectures 9 & 10). You will learn about Composite Supply and Exemption in GST (Lecture 9), and how Supply and Zero-Rated Supply (Lecture 10) are structured under GST.Section 4: Time of SupplyThe Time of Supply (Lectures 12-18) section explores when a supply is deemed to have occurred under GST. This includes key concepts such as Tax Rate Under GST (Lecture 12) and Time of Supply of Goods and Services (Lectures 13-17). You'll also learn about Residual Provisions (Lecture 18) and its impact on GST applications.Section 5: Place of Supply of Goods and ServicesUnderstanding the Place of Supply is crucial for determining tax liability. Lectures in this section cover Place of Supply of Goods (Lectures 19 & 20) and Place of Supply of Services (Lecture 21). You will learn how the place of supply impacts tax rates and cross-border transactions.Section 6: Rate of TaxIn this section, you will explore how Rates of Tax (Lectures 22-25) are structured under GST and how changes in the Rate of Tax can affect the overall cost of goods and services. Value of Taxable Supply and the concept of Related Party will also be addressed.Section 7: Registration of Specified StatesThis section focuses on understanding the Registration Process for Specified States (Lectures 26-28). Students will learn about the Composition Levy and how the type of Tax Registration impacts businesses in different states.Section 8: Reverse Charge Mechanism (RCM)The Reverse Charge Mechanism (RCM) section (Lectures 29-30) focuses on situations where the recipient of goods or services is liable to pay the tax instead of the supplier. Understanding RCM under GST is critical for businesses involved in services and imports.Section 9: Input Tax Credit (ITC)The Input Tax Credit (ITC) (Lectures 31-36) section provides an in-depth understanding of how businesses can claim input tax credit to offset tax liabilities. Lectures cover the Eligibility for ITC, the Time Limit for Availing ITC, and examples illustrating ITC claims.Section 10: Matching Concept and ITCThis section focuses on the Matching Concept of ITC (Lectures 37-41), where students will understand how the Claiming Process works, what constitutes Outward and Inward Supplies, and how Types of Returns affect the ITC claims.Section 11: GST ComplianceIn this section, students will be introduced to the Content of GST Invoice (Lectures 42-44) and the compliance processes related to Offenses and Penalties under GST (Lecture 47). It also explains how the GST Rate Structure (Lecture 46) works and the Star A Rating mechanism for GST taxpayers.Section 12: E-Way BillsIn this section, students will gain a comprehensive understanding of E-Way Bills (Lectures 48-50), a critical component for the transportation of goods under the Goods and Services Tax (GST) regime. The Introduction to E-Way Bills lecture (Lecture 48) will provide an overview of what e-way bills are, their necessity, and their role in ensuring that the movement of goods is tracked efficiently. The Validity of E-Way Bills (Lecture 49) explains the time period during which an e-way bill remains valid and the conditions under which it needs to be updated or revalidated. Finally, the Consolidated Tax Invoice (Lecture 50) teaches students how to combine multiple transactions into a single e-way bill and the required documentation. This section is essential for understanding the movement of goods, especially in inter-state and intra-state transactions, and is crucial for businesses engaged in the transportation of goods.Section 13: Registration and CancellationThis section delves into the Registration Process Under GST (Lecture 51-58), guiding students through the steps and requirements for obtaining GST registration. The Transportation of Goods without Invoice (Lecture 51) will cover the scenario where goods are transported without the necessary tax invoice, its legal implications, and penalties associated with non-compliance. The Types of Audit (Lecture 53) will outline the different types of audits under GST, including statutory and departmental audits. Students will also learn about the process of Cancellation of Registration (Lecture 54), which includes the legal grounds for cancellation, the procedure, and the implications for businesses. Additionally, the section will cover the Discipline Related to Penalty (Lecture 55) for non-compliance, focusing on the penalties for failure to meet GST requirements. The section concludes with a discussion on Time of Payment and Payment Process (Lectures 56-58), where students will learn how to make payments under GST and the modes available for the same. This section is crucial for businesses that need to manage their GST registration and ensure they comply with GST payment and audit obligations.Section 14: Tax Invoice and E-commerceThis section explores the specific provisions related to Tax Invoices in Special Cases (Lecture 59). Students will learn about the intricacies of issuing tax invoices for various transactions, including goods and services supplied in special circumstances. Additionally, the E-commerce component (Lectures 60-62) focuses on understanding how businesses engaged in online transactions need to comply with GST, manage returns, and handle electronic invoices.Conclusion:This course provides a deep dive into all aspects of GST, from foundational concepts to advanced compliance practices. By the end, learners will not only understand the core principles of GST but will also gain practical skills in handling tax filings, managing exemptions, and navigating complex GST regulations. Whether you're a business owner, accountant, or tax professional, this course will empower you to make informed decisions and ensure complete compliance with GST law in India.
Overview
Section 1: Introduction
Lecture 1 Indirect tax structure of India
Lecture 2 Introduction to Goods and Services Tax
Section 2: Getting Started
Lecture 3 What is gst- Definition Features
Lecture 4 Current Tax Structure of India
Lecture 5 Taxes to be Subsumed
Lecture 6 Process of Registration in GST
Lecture 7 Get Compulsory Registered Under GST
Section 3: Defining Important Terms
Lecture 8 Important Terms Under GST
Lecture 9 Composite Supply and Exempt in GST
Lecture 10 Supply and Zero Rated Supply
Lecture 11 Concept of Supply
Section 4: Time of Supply
Lecture 12 Possible Tax Rate Under GST
Lecture 13 Time of Supply of Goods
Lecture 14 Time of Supply of Services
Lecture 15 Time of Supply of Services Continues
Lecture 16 Meaning of Time Supply Services
Lecture 17 Time of Supply of Goods Under RCM
Lecture 18 Residual Provision
Section 5: Place of Supply of Goods and Services
Lecture 19 Place of Supply of Goods
Lecture 20 Place of Supply of Goods Continues
Lecture 21 Place of supply of Services
Section 6: Rate of Tax
Lecture 22 Change in Rate of Tax
Lecture 23 Value of Taxable Supply
Lecture 24 Defining Related Party
Lecture 25 Translation Value Meaning
Section 7: Registration of Specified State
Lecture 26 Registration of Specified State
Lecture 27 Place of Supply and Type of Tax
Lecture 28 Composition Levy
Section 8: RCM
Lecture 29 Introduction to Reverse Charge Mechanism (RCM)
Lecture 30 Services Under RCM
Section 9: ITC
Lecture 31 Input Tax Charge Under RCM
Lecture 32 Zero Rated Supply
Lecture 33 Input Tax Charge (ITC)
Lecture 34 Entitlement of ITC
Lecture 35 Time Limit for Availing GST
Lecture 36 Examples of ITC
Section 10: Matching Concept-ITC
Lecture 37 ITC Claimed in Return and Communication
Lecture 38 Outward and Inward Supply and Return Process 2
Lecture 39 Types Of Returns
Lecture 40 Types Of Returns Continues
Lecture 41 Default in furnishing Return
Section 11: GST
Lecture 42 Content of Invoice
Lecture 43 Debit note and Credit note in GST
Lecture 44 Carry Forward of Cenvat Credit
Lecture 45 GST Rate Structure
Lecture 46 Star A Rating of GST
Lecture 47 Offences and Penalties under GST
Section 12: E way Bills
Lecture 48 Introduction to E way Bills
Lecture 49 Validity of E-way Bill
Lecture 50 Consolidated Tax Invoice
Section 13: Registration and Cancellation
Lecture 51 Transportation of Goods without Invoice
Lecture 52 Good For Certain Purpose
Lecture 53 Types of Audit
Lecture 54 Cancellation of Registration and its Process
Lecture 55 Discipline Related to Penalty
Lecture 56 Time of Payment and Payment Process
Lecture 57 Mode of Payment
Lecture 58 Registration Structure Under GST
Section 14: Tax invoice and E-commerce
Lecture 59 Tax invoice in Special Cases
Lecture 60 E-commerce
Lecture 61 E-commerce Continues
Lecture 62 GST Returns
Accountants and Finance Professionals: Those already working in the field of accounting, tax preparation, or financial management will gain practical insights into GST compliance, registration, and filing processes.,Business Owners and Entrepreneurs: Small and medium business owners who are directly responsible for GST filings and compliance can learn how to manage their tax obligations effectively and avoid penalties.,Students and Graduates in Commerce or Finance: This course is ideal for students or recent graduates pursuing commerce, finance, or business studies, providing them with an industry-relevant skill set in taxation.,Tax Consultants and Professionals: Tax consultants looking to expand their expertise to include GST can enhance their service offerings by gaining knowledge on GST law, return filing, and compliance.,Lawyers and Legal Professionals: Legal professionals with a focus on taxation or corporate law will find this course valuable for understanding the legal framework surrounding GST in India.,E-Commerce Businesses: Owners or operators of e-commerce platforms need specific knowledge of GST provisions as they relate to online businesses and this course covers those areas in detail.,Government Employees and Regulators: Individuals working in government tax departments or regulatory bodies can benefit from an in-depth understanding of the GST system.

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