Understanding Gst For Non-Finance Professionals

A Simple Guide to GST: Making Tax Easy for Everyone!

What you'll learn

Basic Understanding of GST and its structure

Equipped with the necessary knowledge to ensure GST compliance in their roles.

Improved ability to interpret GST invoices, understand tax implications, and collaborate effectively with finance and tax teams.

Understand GST implications on cross-border trade and interstate transactions.

Requirements

No prior Knowledge on GST required. should have a basic interest and commitment to learn.

Description

This course is designed to provide non-finance professionals with a fundamental understanding of India's Goods and Services Tax (GST) system. It simplifies complex tax concepts and equips participants with practical knowledge required for compliance and decision-making. Through real-world examples and case studies, participants will gain insights into GST applicability, compliance requirements, and procedural aspects.1. Introduction to GSTOverview of India's tax structure before GSTConcept, objectives, and need for GSTStructure of GST (CGST, SGST, IGST, and UTGST)Benefits of GST: Simplification, transparency, and efficiency2. Key Concepts in GSTSupply under GST: Time, place, and value of supplyClassification of goods and servicesComposition Scheme: Benefits and eligibilityExemption under GST3. Practical Aspects of GSTTax Invoice, Credit Note, and Debit NoteWhen and whom to InvoiceApplicability of GST on different business models (trading, services, exports, etc.)Common errors in GST compliance and how to avoid them4. Input Tax Credit (ITC) in DetailMeaning and significance of ITCConditions for availing ITCBlocked Credits under GSTReversal of ITC and ITC reconciliationRecent amendments and judicial rulings on ITC5. GST ReturnsOverview of GST returns: GSTR-1, GSTR-3B, GSTR-9, GSTR-9CDue dates and late fee implicationsImportance of reconciliations (books vs. GST portal data)Common errors in filing and how to correct them6. Assessment under GSTTypes of GST assessments (self-assessment, provisional, scrutiny, etc.)Departmental audits and inspectionsCommon notices under GST and how to respondPenalties and interest for non-compliance7. Advance Ruling & Demands and RecoveryAdvance Ruling:Concept and importance of advance rulingProcess for obtaining an advance rulingBinding nature and implications of rulingsDemands and Recovery:Circumstances leading to demand noticesProcess of recovery by the departmentLegal remedies available to taxpayers

Overview

Section 1: Introduction to GST

Lecture 1 What is GST?

Lecture 2 Why GST in India?

Lecture 3 What was there before GST?

Lecture 4 Understanding IGST, Central + State GST (CGST & SGST) and ITC

Section 2: Key Concepts in GST

Lecture 5 Supply

Lecture 6 Composite and Mixed Supply

Lecture 7 HSN and SAC Codes

Lecture 8 Composition Scheme:

Lecture 9 Exemptions under GST

Section 3: Practical Aspects of GST

Lecture 10 When & whom to Invoice ?

Lecture 11 What Value and Rate of Tax ?

Lecture 12 What Type of Tax ?

Section 4: Input Tax Credit (ITC) in Detail

Lecture 13 What is Input Tax Credit ?

Lecture 14 Conditions to Avail ITC

Lecture 15 When ITC is Blocked?

Lecture 16 ITC in Special Cases

Lecture 17 Input Service Distributor (ISD)

Section 5: GST Returns

Lecture 18 Introduction to GST Returns and its types

Lecture 19 GSTR-1

Lecture 20 GSTR 2A & GSTR 2B

Lecture 21 GSTR 3B-Monthly Return

Lecture 22 Amendments and Rectifications

Section 6: Assessment under GST

Lecture 23 Overview of GST Assessment including types and role of proper officer

Lecture 24 Practical Implications in Audit

Lecture 25 Inspection,Search and Seizure

Section 7: Appeals , Dispute Resolution & Misc Provisions

Lecture 26 Advance Ruling

Lecture 27 Demand and Recovery

Lecture 28 Appeals

Lecture 29 E-Way Bill

Lecture 30 Penalty

Lecture 31 Overview

For Beginners requiring a basic knowledge on GST,For Business persons-understanding the financial impact of GST.