Practical GST training equips participants with hands-on knowledge of GST registration, return filing, invoice preparation, and compliance procedures. It covers key concepts like input tax credit, reverse charge mechanism, and e-way bill generation. This training enhances understanding of GST laws and their application in real-world business scenarios. Ideal for accounting professionals, business owners, and students, it ensures participants can confidently manage GST-related tasks, improving compliance and minimizing errors in taxation.
COURSE FEATURES
Individual Focus on each student
100% Placement Assurance
Live Online Training Program
100% Practical Approach
Affordable Fee's Structure
Trained and Experienced Faculty
Certification
Mock Exams
Comprehensive Study Material
COURSE DETAILS
Course level: Basic to Advanced
15 Hours Duration
Assignments , Notes and Mock tests
Commerce and Non commerce
Last Updated: 1st August,2024
Training Mode: Live online
Timing : 7.00 - 8.00 AM
YES, I AM INTERESTED
BOOK KEEPING (No Iframe)
COURSE CONTENT
Goods and Services Tax (GST) is a comprehensive indirect tax introduced to simplify India’s complex tax system. It replaces multiple cascading taxes with a single, unified levy on the supply of goods and services. GST is designed to create a seamless national market, reduce tax evasion, and boost economic growth. It operates on a destination-based model, allowing businesses to claim input tax credits and ensuring transparency in tax collection across both central and state governments.
Goods and Services Tax (GST) is a comprehensive indirect tax introduced to simplify India’s complex tax system. It replaces multiple cascading taxes with a single, unified levy on the supply of goods and services. GST is designed to create a seamless national market, reduce tax evasion, and boost economic growth. It operates on a destination-based model, allowing businesses to claim input tax credits and ensuring transparency in tax collection across both central and state governments.
In GST, the place of supply concept is crucial for determining the tax’s destination and applicable rate. It identifies the location where a transaction is considered to occur, influencing whether CGST, SGST, or IGST applies. The rules differ for goods and services, ensuring correct revenue allocation among states. Accurate determination prevents disputes, enables smooth input tax credits, and facilitates compliance with GST regulations, thereby supporting an equitable and efficient tax system. Overall, it streamlines transaction.
Time of Supply in GST determines when a transaction occurs, triggering tax liability. It marks when goods or services are supplied, crucial for accurate reporting. For goods, it is the earlier of invoice date or payment receipt; for services, the earlier of invoice issuance or payment receipt. This concept ensures timely tax payment, proper input credit utilization, and GST compliance, supporting smooth business operations and revenue collection. Accurate determination prevents errors and ensures prompt filings.
Valuation of goods and services under GST determines the taxable amount on which the tax is levied. It includes the actual price paid or payable, plus additional charges such as packing, loading, and commission. Specific rules ensure that discounts, subsidies, and related-party transactions are treated fairly. Consistent valuation practices ensure transparency, compliance, and uniform revenue collection across states, fostering a level playing field for businesses while facilitating accurate tax liability and input tax credit adjustments
Input tax credit (ITC) mechanism in GST allows businesses to claim credit for tax paid on inputs, eliminating the cascading effect. By offsetting the tax liability on outputs against taxes paid on purchases, ITC ensures tax is levied only on the value addition. The system enhances compliance, reduces production costs, and promotes competitive pricing. Businesses must maintain proper documentation and follow strict eligibility rules to claim ITC and facilitate smooth tax reconciliation, ensuring financial stability .
The reverse charge mechanism in GST shifts the responsibility of tax payment from the supplier to the recipient. Under this system, the recipient is liable to pay GST directly to the government. This mechanism applies in specific circumstances, including certain notified goods and services transactions, or when dealing with unregistered suppliers. It significantly ensures tax compliance, broadens the tax base, and reduces evasion risks. Businesses must carefully assess applicability to avoid non-compliance and potential penalties..
The e-way bill is an electronic document required for the movement of goods valued above a specified limit under the GST regime. It captures details of the consignor, consignee, and goods being transported, ensuring seamless tracking and reducing tax evasion risks. Mandatory across states, the e-way bill system promotes transparency, efficient transportation, and smooth tax administration. Timely generation of this document helps businesses avoid penalties and facilitates uninterrupted logistics operations, ensuring robust legal compliance nationwide.
GST calculations involve determining the tax liability on goods and services transactions. Businesses compute GST by applying the appropriate tax rate to the taxable value and dividing the tax into central (CGST), state (SGST), or integrated (IGST) components based on transaction nature and destination. Adjustments for input tax credits, exemptions, and reverse charge scenarios are considered to avoid errors. GST calculations ensure compliance, facilitate proper credit utilization, and support a transparent, efficient tax collection system. .
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GST payment is a crucial process in the Goods and Services Tax system requiring businesses to remit tax liabilities promptly and accurately. Tax amounts, calculated from sales and input credits, are paid online via government portals using electronic challans. Timely GST remittance ensures legal compliance, prevents interest and penalties, and facilitates smooth credit adjustments. This efficient mechanism supports transparent revenue collection and contributes to a robust fiscal framework that sustains economic growth across the nation
GST interest and penalty are financial charges imposed for non-compliance with tax regulations under the GST regime. Interest is levied on delayed tax payments, calculated on the outstanding amount over the specified period, ensuring timely remittance. Penalties, varying based on the nature and severity of non-compliance, aim to deter fraudulent practices and encourage prompt filing. Both interest and penalty serve as corrective measures, reinforcing accountability and adherence to statutory deadlines and requirements, ensuring strict compliance
GST registration is a process by which a business or individual becomes a registered taxpayer under the Goods and Services Tax system in India. It allows collection of GST from customers and claim of input tax credit. Registration is mandatory for businesses exceeding the specified turnover limit.
GST returns are documents that registered taxpayers must file to report their business transactions, including sales, purchases, and tax paid. Common returns include GSTR-1 for outward supplies and GSTR-3B for monthly summaries. Filing returns on time ensures compliance and allows businesses to claim Input Tax Credit. Returns can be filed online through the GST portal. Timely and accurate filing helps avoid penalties and keeps the business GST-compliant. It is essential for smooth tax administration.
Students Testimonials
Students Testimonials
"I am working professional. To upgrade my skills I took training on Taxation. Excellent training."
- Radha Krishna
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- Prabhakar
"Best way to learn Accounting in this institute by best faculty. one of the top & best financial Accounting and Tax. Even With Our. Diverse professional background. Im Proud. to have learned from you. Thank you For Guiding Me Professionally and Personally.-"
- Rajesh Kumar
"Best Institute to adapt Practical Knowledge as well as theoretical Knowledge and high caring , attention towards the student in consideration of student is gaining knowledge and my lecturer explains in different ways and many times until the student understand the concept perfectly "
