GST Course Summary
This course is designed with a perspective of giving a thorough understanding about the GST to the participants. GST is a consumption tax based on the concept of value-added tax. GST is to be imposed on goods and services at every production and distribution stage in the supply chain including the import of goods and services.
GST is an indirect tax and will replace the current sales and service tax regime and it may affect all input and output of an organization.
A coordinated effort within the organization is essential to ensure you are GST ready. It is not just another tax to be left with finance and accounts department. Instead, it is “cross functional” issue that can affect the entire business structure and hence require input from all key business units.
GST Course Objectives
- Understand the key elements of GST and its mechanism
- Analyse and understand the implications of GST on your business
- Identify and review business activities in line with GST
- How to effectively overcome implementation, compliance and enforcement issues
- Treatment of transitional issues upon implementation of GST
- Background on GST: Recent updates, taxes to be subsumed, exceptions
- Important definitions: Supply, Capital goods, Composite Supply, Mixed Supply
- Registration under GST
- Charging the correct taxes: CGST + SGST Vs IGST
- Place of Supply for Goods and Services
- GST impact on typical sales and purchase transactions undertaken by companies
- GST impact on specific transactions such as branch transfers, intercompany supplies, Bill to Ship To sales, etc
- Payment of Taxes: Time of Supply
- Valuation under GST
- Availability of Input Tax credits and matching concept
- Impact on GST on typical supply chains
- Impact of GST on pricing of goods
- GST Compliance: Returns, Invoicing, Refunds
- Transition to GST: Import provisions
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