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GST (Goods and Services Tax) course provides individuals with the knowledge and skills to understand and navigate the complexities of the GST system. This course covers topics such as GST concepts, registration, invoicing, return filing, compliance requirements, and GST accounting. Students learn about the various components of GST, tax rates, input tax credits, and GST implementation across different industries. The curriculum often includes practical exercises and case studies to apply GST concepts in real-world scenarios. By completing a GST course, individuals gain expertise in GST complia
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WHAT IS GST? • The goods and services tax (GST), considered as the most profound reform in india’s indirect taxation system finally becomes A reality. GST anticipates that the tax base will be with minimum exemptions. The main expectation from GST is to eliminate all indirect taxes and only GST would be levied. As the name suggests, the GST will be levied both on goods and services.
why does india need gst • Gst is being introduced majorly due to 2 reason • The current indirest tax structure is full of uncertainties due to multiple rates. • Due to multiple rates there are multiple forms. • Gst the tax complexity in the prevailing tax regime.
benefits of gst • Transparent tax system • Ubiform tax system across india • Reduce tax evasion • Export will be more competitive
Method of taxation Progortional Tax Regressive Tax • Progressive tax Increasing rate of tax for increasing value for volume • Regressive tax Decreasing rate tax for increasing value or volume • Progortional tax Fixed rate of tax for every level of income or production Progressive Tax Method of taxation
Types of gst • Central goods and services tax(CGST) • State goods and services tax(SGST) • Integrated goods and services tax(IGST) • Union territory goods and services tax(UTGST)
Central Goods and Services Tax(cgst) • As per the central goods & services tax act 2016, CGST is the centralized part of GST that subsumes the present central taxations and levies- central sales tax, central excise duty, services tax, excise duty under medical & toiletries preparation act, additional excise duties countervailing duty (CVD), additional custom duty and other centralized taxations. CGST is applicable on the supply of goods and services of standard services and commodities which can be amended periodically by a specialized body under the central government. The revenue collected under CGST belongs to the central government. The input tax is given to the state governments which they can utilize only against the payment of CGST.
State Goods and Services Tax(sgst) • SGST is an important part of GST. It stands for state goods & services tax as per the 2016 GST bill. Various taxations and levies under the state authority are subsumed by SGST as one uniform taxation. It includes the amalgamation of state sales tax, luxury tax, entertainment tax, levies on lottery, entry tax, octroi and other taxations related to the movement of commodities and services under state authority through one uniform taxation- SGST. Revenue collected under sgst belongs to the state government. However, the mainstream framework of the state governing body will be supervised by the central government. Each state will be having their own state authority to collect SGST.
Integrated Goods and Services Tax(igst) • GST focuses on the concept of one tax, one nation. IGST stands for integrated goods and services tax which is charged on the supply of commodities and services from one state to another state. For example, if the supply of goods and services occurs between gujarat and maharashtra, IGST will be applicable. Under article 269a of the indian constitution, the inter-state trade and commerce activities that involve the movement of commodities and services shall be levied with an integrated tax (igst) under the gst regime. The government of india will collect the revenue under IGST. Further changes can be made by the goods and services tax council of india.
Union Territory Goods and Services Tax (utgst) • As we have already learned about CGST and SGST which are intra-state taxations and IGST which is inter-state, the union territories in india are accounted under a specialized taxation called union territory goods and services tax as per the GST regime 2016. It will subsume the various taxations, levies and duties with one uniform taxation in union territories as well. Delhi (india’s capital territory), chandigarh, dadra & nagarhaveli, andaman & nicobar islands, daman & diu, lakshadweep and puducherry are the prominent union territories in india. UTGST will account for all the taxations under these union territories in india. The parliament is looking forward to implement a separate act to impose and supervise GST in union territories under the name of UTGST act. The bill will be presented in respective union territories for further changes in the implementation of GST.
What will the future look like? • In the long-term, GST would be simplified even more. Globally, countries that have benefitted from GST implementation typically deploy two- or three- rates, as compared to the five-rate structure in india. As the cascading effect disappears, inflation will reduce, thus leading to a positive consumer outlook. As the tax revenue rises, the fiscal deficit would improve. The international business community has welcomed this changing landscape of indian business, and noted that the gst has helped improve the ease of doing business in india. This is expected to attract more FDI investments and help growth in exports.
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