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What Will I Learn about GST?
• At the end of the GST course, students will have a thorough understanding of the GST tax regime and will be "GST Ready" for the coming future.
This course takes you through the basics of GST and turns you into an expert. You just need to have the curiosity before starting this course.
• You need to have a basic understanding around taxes and the right enthusiasm to learn about taxes
WHAT IS GST ?
GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.
• Its main objective is to consolidate all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration.
• The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
• From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 16%-18%.
• Introduction of GST would also make our products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth. Last but not the least, this tax, because of its transparent character, would be easier to administer.
Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be substantial and may require proactive planning with a time-bound action plan.
In order to prepare for the implementation of GST, companies need to understand GST policy development and its implications for scenario planning and transition roadmap preparation.
GST- Historical reforms
Goods and Services Tax (GST) is a historical proposed system of indirect taxation in India merging most of the existing indirect taxes into unified system of taxation. It was introduced as The Constitution (One Hundred and First Amendment) Act 2016. The GST is administered & governed by GST Council and its Chairman is Union Finance Minister of India Arun Jaitley.
Replacing all Central & State Indirect Taxes
GST would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State Governments.
The GST will subsume 17 Central as well as State levies including Excise, Service Tax, CVD, SAD, VAT, CST, Octroi, Purchase Tax, Entertainment Tax, Luxury Tax and various surcharges and cesses making the movement of goods cheaper and seamless across a market holding 1.3 billion consumers, about four times the U.S. population. It would be far simpler than the current system, where a good is taxed multiple times at different rates. The underlying principle is to tax goods at the point of consumption rather than production.
No double taxation
With the implementation of GST, consumers will not be subjected to double taxation. All taxes that are levied while purchasing good will include both the Central Government’s taxes as well as the State Government’s taxes. The move would deter State Governments from indiscriminately increasing taxes fearing public backlash.
GST can boost economic growth by as much as 2 percentage points, according to Finance Minister Arun Jaitley. Greater tax compliance has the potential to boost revenues for the government.
Exclusions from GST
Taxes which are not subsumed under GST are Basic Custom Duty, Tobacco Products (Partly), Petroleum Products (Petroleum Crude, High Speed Diesel, Motor Spirit, Natural Gas, and Aviation Turbine Fuel), Electricity and Power, Real Estate-Stamp Duty, Clean Energy Cess, Alcohol for human consumption. The Central tax on the supply of petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural gas and aviation turbine fuel shall be levied with effect from such date as may be notified by the Government on the recommendations of the Council.
Advent of Laws
Four crucial GST Bills i.e. CGST (for Intra-State transactions), IGST (For Inter- State transactions), UTGST (For Intra-State Transactions in UTs) and Compensation Bill (For compensation of loss from GST by Centre to State) have been passed in Lok Sabha on 29-Mar- 17.The Council has issued 9 Goods and Services Tax Rules viz. Composition Rules, Valuation Rules, Transition Rules, Input Tax Credit Rules, Registration Rules, Invoice Rules, Payment Rules, Return Rules and Refund Rules for public comments. States will now take up the SGST Bills in in their respective assemblies for adoption, which would be more or less the replica of the CGST and UTGST Bills
GST Rate Structure
Expected Rate Structure under GST-To be finalized in Coming Council Meetings
Slab Goods Examples
0% Exemption Items goods of mass consumption viz. food grains, milk etc.
5% Essential items Goods which are exempt from Excise duty and attract VAT @5% such as edible oil, spices, tea, coffee, etc.
12% Lower Standard rate Where current tax incidence between 9% to 15% such as computers, processed food, etc
18% Higher Standard rate Where current tax incidence between 15% to 21% such as soaps, oils, shaving sticks, etc.
28% Luxury/ white goods Generally, goods presently attracting 12.5% excise duty and 14.5% VAT
28% + Cesses Aerated drinks, pan masala, luxury cars, tobacco products and other products Goods presently attracting taxes in the range of 40% - 60%
Services–Likely to have three rates i.e. basic rate of 12%, standard rate of 18% and luxury rate of 28%
All eyes are now on fitment of various goods and services in these tax slabs, which will be taken up by the GST Council in its next meetings for the new indirect tax system to be rolled out from July 1.
GST Challenges ahead
• Fitment of rates
• IT Infrastructure
• Fear of Inflation
• Competency of Laws
• Dispute Resolutions
• Rural India-a big threat
• Place of taxation
• Monitoring inter-State supplies
• Political hurdles
Opportunities in GST
GST regime will be bursting up with Ocean of Opportunities for all Professionals, Manager Accounts, Entrepreneurs, CEOs, CFOs, Revenue Officials, CA Final Students and Journalists. We can only say that “Today’s Learning will be Tomorrow’s Earnings”.
The opportunities in GST may be summarized as under-
1. Global Opportunities
• Tax Advisory Services
• International Research Issues
• Knowledge Process Outsourcing
• Information & Knowledge Sharing
• Capacity Building Services "process of developing and strengthening the skills, instincts, abilities, processes and resources that organizations and communities need to survive, adapt, and thrive in the fast-changing world."
• Technology Support Services
2. Audit and Assurance Service
• Internal Review of Change Management
• Internal Controls
• Internal Audit of Compliance
• Checklist for Statutory Audit
• Assistance in Department Audit
3. Operational Consultancy
• Legislation Impact Analysis, Place of Supply Rules
• Analysis of Costs and Price/ Margin Restructuring
• Restructuring Supply Chain Management
• Comparative Study of Laws
• Understanding Principle of Destination
• Financial Management & Competition Analysis
• Review of Existing Contracts
4. Network Support and Infrastructure
• Synchronising IT Systems & Old Data
• Strong Management Information System
• System Reconciliations
• Data Integration between Centre & States
• Automation of Returns and other Utilities at Centre as well as States
• Updating Amendments in IT Systems
• Data Management for State Jurisdiction
5. Accounting and Taxation Services
• Treatment of Incentives
• Process Documentations & Accounting Manuals
• Branch Transfers
• Budgetary Controls
• Control & Dispute Settlement
• Refunds, Appeals and Adjudications
• Point of Taxation
6. Compliance Requirements
• Compliances under State Jurisdictions
• Registration under New Scheme
• Online Filing of Return for each State Jurisdiction
• Evaluation of Tax Liability with credit set off
• Statutory Compliances and Record Keeping
• Filing of Declarations
• Export Management
7. Transitional Support
• Deregistration from existing laws
• Managing Pending Litigations
• Review and Certification of stock on date of Transition
• Knowledge Sharing & Capacity Building
• Credit Analysis & Utilization
• Comparative Valuation under GST
8. Centre/State Support Service
• Conscripting Legislation & Rules/Procedures
• Reconciliation with Clearing House
• Monitoring Transactions & Revenues
• Coordination between Centre/States
• Cross-Verification with Other Acts
• Training and Education
• Fixing rate based on RNR and Review