Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.
Course objective: To give the students a general understanding of the GST law in the country with a practical perspective and employability to the students in the commercial tax practices.
Stages of Evolution of GST – Methodology of GST – CGST – SGST – IGST – Important concepts and Definitions. GSTN.
Levy and Collection of Tax – Scope of Supply – Composite and Mixed Supplies- Levy and Collection – Time of Supply of Good s- Time of Supply of Services – Input Tax Credit – Recovery of Credit – Tax Invoice – Unauthorised Collection of Tax – Credit Notes – Debit Notes – Accounts and Records.
Registration – Returns And Payment of Tax – Persons Liable for Registration – Compulsory Registration – Deemed Registration- Procedure For Registration – Amendment of Registration – Cancellation of Registration – Returns – Furnishing Details of Supplies – Payment of Tax, Interest, Penalty – Tax Deduction at Source – Collection of Tax At Source – Refunds.
Assessment – Types – Audit Inspection – Search – Seizure – Inspection of Goods in Movement – Power of Authorities – Demands And Recovery – Fraud and Suppression of Facts – Liabilities – Provisional Attachment.
Appeals – Appellate Authorities – Powers – Procedure – Appeal to High Court -Supreme Court – Offences and Penalties.
1) Indirect Taxes – Vinod K Singania,Taxmann’s Publications, New Delhi
2) Indirect Taxes – H.C Mehrotra, Sahitya Bhavan Publications, New Delhi
3) Bare Act CGST
4) Bare Act SGST
5) Bare Act IGST
Module 1 - Stages of Evolution of GST
Module 2 - Levy and Collection of Tax
Module 3 - Registration
Module 4 - Assessment
Module 5 - Appeals