Goods and Services Tax
BASICS OF GOODS AND SERVICES TAX
History of Taxation – Types of Taxes- Introduction of GST -Implementation of GST –Liability of the Tax Payer - GST Network – Powers and Functions of GST Council – Concept of Uniform Tax.
Levy & Exemption of GST – Introduction - Composition Scheme - Remission of Tax / Duty
Introduction - Registration Procedure – Migration of existing taxpayers–Person not liable for Registration - Compulsory Registration (irrespective threshold) -Special Persons - Amendments / Cancellation – Penalty for non – Registration.
Concept of Supply – Taxable Supply - Inclusions & exclusions - Supplies even if made without consideration- whether taxable? - Supply of goods or supply of services-ambiguity resolved; - Negative list; - Govt. services/ supplies; - Composition levy; - Taxability of supplies on reverse charge basis.
Time of supply of goods -Time of supply of services -Concept of voucher -Valuation of supply - Between distinct or related parties, - When consideration is not wholly in money, - Buy one get one free, - Supply through an agent, - Special situations-money changing etc.
Kind of records to be maintained - Electronic format - Audit of accounts -Period of retention - Self-assessment - Provisional assessment - Best-judgement assessment Audit by Commissioner - Special audit by CA’s.
Electronic Commerce- Introduction - Tax Collected at Source (TCS) - Procedures for E-commerce Operator.
Input Tax Credit - Credits during transition - Credits to new registrants - Credit on capital goods - Non-creditable items –concept input service distributors - Credit mechanism for banking company –Legal formalities for an ISD - Credits on works contract & job work - Input service distributor (ISD).
GST Compliance rating - Anti-profiteering measures - Goods sent to a job-worker - Deemed exports - Rectification of errors - Service of Notice - Compensation to States.Offences and Penalties - Various offences under GST law - Penalties thereofImprisonment in certain cases.
Concept of IGST - Place of supply of goods-within India - Place of supply of goods-Import/ Exports - Place of supply of services-within India - Place of supply of services-Import/ Exports - Input tax credit on inputs held in stock on appointed date - Goods sent on job-work- Input tax credit even if no duty paying documents of Central taxes to VAT dealers Goods in transit - Goods returned in GST regime - Treatment of continuing contracts.
PAYMENT AND RETURN FILING
Payment of GST– Introduction – Time of GST Payment – How to make payment Challan Generation & CPIN – TDS & TCS –Modes of payment – Types of Electronic Ledgers- Cash, Credit, Liability Register.
Refund of tax – Automatic Refunds – Situations where refunds are allowed Provisional refund – Documentation for refund.
Filing of Return – Types of returns –First return – Types of Returns- GSTR - 1, 2, 3, 4, 5, 6, 7, 8, 9, 3B – Fee for late return – Role of GST practitioner.
Procedure for filing return – Upload Outward supplies – Check autopopulated Inward supplies – Amend Missing details & make correction/add details – Reconcile Inward supplies with party details – Pay the tax as shown in GSTR3–Update ITC ledger for credit availed – Update the cash ledger for the taxes paid–Submit the return.
GST Portal –Introduction – GST Eco-system – GST Suvidha Provider (GSP) – Uploading Invoices.
Orientation to Tally 9.1 - Practical training on e – filing –
Submission of One e- Filing Report.