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GST

Certificate Course on GST (Foundation)

-By CA Farooq Haque

Delivering Success Since 1998… 
Get Determination to Defy the Limitation!
Expand the Horizon of Learning, Join GST Certification Course

With a passion to deliver success since 1998, CA Farooq Haque is up next to cater the need of finance professionals, corporate, businessman, consultants, and of course anyone who wishes to excel. Yes, the most sought tax reform post independence in India is here and that’s GST (Goods and Service Tax).


Do you face any of the following issue while trying to Learn GST?

  • No time to attend a classroom learning
  • Travelling too much, so no time reading
  • No learning option available that suits your time and place
  • Reading books is too monotonous
  • Need quick learning in shortest possible time

If the answer is yes to any of above, we have a solution for you!

  • Learn at Your Own Place and Time and That Too with Multiple Views…
  • With Some Additional Features Like Rewind, Replay, Fast Forward, Increased Pace etc..
  • HD Quality Studio Recorded Video Lectures including Printed Book.

What more to Expect?

  • A Certificate on Completion of the Syllabus and Appearing for An Exam based on Multiple Choice Questions (MCQ)

 


Course Coverage

1. Introduction to GST

  • What is Goods and Services Tax (GST)?
  • What are the advantages of GST?
  • What are the unique features of Indian GST?

  • Which of the existing taxes are proposed to be subsumed under GST?
  • Which of the existing taxes are not proposed to be subsumed under GST?
  • Which goods/sectors are likely to be kept outside GST?
  • Is there any possibility of commodities listed in para 1.06 above being subject to GST in future?
  • What would be the status of ‘electricity’ under GST?
  • Whether Real Estate will be taxed under GST?
  • How do you summarize various taxes after the introduction of GST?
  • What is GSTC and its functions?
  • What is the broad scheme of GST?
  • How will the supplies to and from Union territories be treated under GST?

 

2. Chargeability

Charging Event

  • Charging event or levy of GST
  • Meaning of supply under GST
  • Supplies without consideration


Goods and Services

  • Definition of goods in GST
  • Meaning of money
  • Meaning of security
  • Meaning of actionable claim
  • Taxability of Actionable claim
  • Definition of ‘goods’ in GST vis-à-vis in Sale of Goods Act and Sales Tax laws
  • Definition of Services in GST law
  • Definition of ‘services’ in GST vis-à-vis under Service Tax law
  • Whether the existing disputes regarding scope of goods and services will continue in GST?
  • Principles for differentiating between ‘goods’ and ‘services’
  • Transactions specified as supply of goods in Schedule II of the Model GST law
  • Transactions specified as supply of services in Schedule II of the Model GST law
  • Transactions that are neither supply of goods nor supply of services
  • Meaning of composite supply
  • Meaning of mixed supply
  • Difference in tax treatment of ‘composite supply’ and ‘mixed supply’
  • Significance of concept of ‘taxable person’
  • Taxable person under GST law
  • Significance of phrase ‘liable to be registered’

3. Time of Supply

  •  Significance of Time of Supply
  • Default provision of time of supply of goods
  • Time of supply of interest, late fees or penalty for delayed payment of consideration for goods or services

  • Default provision of time of supply of services
  •  Provisions other than default Rule for the time of supply of goods and services
  • Point of time when payment will be said to have been made
  • Meaning of continuous supply of goods or services
  • Difference between continuous supply and supply on recurrent basis
  • Significance of supply on continuous basis
  • Time of issue of invoice for supply of goods or services
  • Time of supply when the tax rate undergoes a change
  • Time of receipt of payment in case of change in rate of tax
  • Meaning of ‘Associated Enterprise’
  • Examples of Associated Enterprise
  • Meaning of ‘voucher’
  • Time of supply in case of vouchers

4. Place of Supply

  • Significance of place of supply
  •  Implications of place of supply for a tax payer
  •  Place of supply of goods

  1.  General rule for place of supply of goods (other than imports and exports)
  2. Place of supply where goods are delivered by supplier on the direction of third person
  3. Place of supply of goods imported into or exported from India
  • Place of supply of services
  1. General rule for determining place of supply where both the service provider and the service recipient are located in India
  2. Principles of place of domestic supply of services in exceptional cases:
  3. Place of supply in case of telecommunication service (including data transfer, broadcasting, cable and direct to home television)
  4. Examples of services directly related to immovable property
  5. Illustrations of immoveable property related services from other tax jurisdictions
  6. Illustrations of services not considered related to immovable properties from other tax jurisdictions
  7. Determination of Place of supply under various scenarios
  • Place of supply where either the service provider or service recipient is located outside India
  1. General rule for determining place of cross border supply of services
  2. Key exceptions to the principal rule of place of cross border supply of services
  3. Some exceptional cases relating to performance based services
  • Intermediary services
  1. Meaning of an intermediary
  2. Place of supply for an intermediary
  • Services where POS is different for domestic and cross border supplies
  • Location of provider and recipient of service
  1. Importance of location of service provider and service recipient
  2. Meaning of location of service recipient/service provider
  3. Meaning of fixed establishment
  4. Illustration of fixed establishments from other tax jurisdictions
  5. Meaning of usual place of residence
  6. Meaning of place of business
  7. Establishment most directly concerned with the supply
  8. Deciding which establishment is the most directly concerned
  9. Factors which may help in deciding which establishment receives supplies

5. Valuation

  •  Concept of valuation under GST
  • Valuation if supply is from a related person
  • Inclusions in the taxable value

  • Treatment of supplies made by the recipient (e.g., FOC material)
  • Treatment of discounts in valuation
  • Determination of value when the consideration is not wholly in the form of money
  • Determination of value for supplies to related persons, captive consumption, depot transfers or supplies through agents
  • Supplies for which special valuation rules may be framed in GST
  • Taxable value for second hand goods
  • Key difference in method of valuation in present regime and that proposed under GST

6. Input Tax Credit

  • Meaning of input tax credit (ITC)
  • Utilization of tax credits of various taxes
  • Key principles for eligibility of tax credits

  • Scope of ‘use in the course or furtherance of business’
  • Meaning of word ‘business’ under GST law
  • Meaning of negative list of input credits
  • Input credits falling in the negative list
  • Meaning of plant and machinery
  • Exclusion of credits relating to towers, pipeline and land / building / civil structures
  • Credit on diaries and calendars distributed at New Year for business promotion
  • Will tax credits be available if…
  • Time for availing input tax credit
  • Inputs, input services and capital goods defined separately for availment of credits
  • Credits for capital goods are available in full upfront
  • Difference in treatment of capital goods credit from credit of inputs and input services?
  • Inputs or input services used partly for making taxable supplies and partly for non-taxable supplies or partly for non-business purpose
  • Meaning of exempt supplies for pro rata reversals.
  • Exclusion of non GST taxes for pro rata reversals
  • Illustration to explain computation of pro-rata reversal
  • Credit on capital goods are also subject to pro rata reversal
  • Treatment of credit already availed where capital goods used for making taxable supplies are subsequently used for making exempt supplies as well
  • Input tax credit in respect of services procured centrally
  • Manner of distribution of credit by an ISD
  • Conditions for distribution of credit by an ISD
  • Rule for credit distribution by an ISD
  • Exclusion of non GST taxes from value of ISD
  • Meaning of relevant period
  • Examples of distribution of credits by an ISD
  • Distribution of credits for goods procured centrally
  • Period for availing tax credits
  • Penalties of wrongly availing tax credits
  • Penalty applicable to availment or actual utilization?
  • Key differences between ITC provisions under current scheme of Central Excise, Service Tax and VAT laws and those proposed under GST
  • Possible reasons for mismatch in invoice details reported by the supplier and those reported by the recipient
  • Manner of dealing with any mismatch of invoices uploaded by supplier and those recorded by the recipient
  • Consequences of invoices remaining mismatched
  • Necessity of quickly rectifying the invoices shown as mismatched
  • Importance of paying for receipt of goods and services in time
  • Payment condition in credit availment in cases of reverse charge

7. Electronic Commerce (E-Commerce)

  • Electronic commerce
  • Electronic commerce operator (ECO)
  • Supply of own goods and/or services over internet

  • Registration & electronic commerce
  • Eligibility for composition levy
  • Need to have special provisions for supplies through
  • Electronic commerce operator
  • Special provisions for electronic commerce operators dealing in services
  • Tax collection at source (TCS)
  • Manner of deposit of tax to appropriate government
  • Liability to make TCS on supplies made on one’s own portal
  • ECO and supply between principal & agent
  • Matching of monthly returns filed by an ECO and its suppliers
  • Information to be provided by ECOs
  • Special Provisions for ‘online information and database access or retrieval services’
  • Meaning of ‘online information and database access or retrieval services’
  • Meaning of ‘non-taxable online recipient’
  • Person responsible for payment of tax for ‘online information and database access or retrieval services’

8. Job Work

  • Meaning of Job work
  • Need for registration/ declaration of the place of business of job worker as principal’s additional place of business
  • Permission from/ intimation to department for sending the goods for job work

  • Removal of goods for job to be without payment of GST
  • Job work on semi-finished goods
  • Supply of job worked inputs and capital goods from the place of business of job worker
  • Computation of period of one year or three years in cases where inputs and/or capital goods are sent directly to job worker
  • Consequences if inputs and/or capital goods are not received back within stipulated time
  • Refund of tax levied on deemed supply due to non-receipt of job worked inputs and/or capital goods within specified time, if such inputs are brought back subsequently
  • Disposal of waste and scrap generated during the job work from job worker’s place
  • GST on service charges of Job worker

9. Inter State Supplies

  • Significance of taxing inter-State supplies
  • Meaning of inter-State supply
  • Meaning of intra-State supply

  • Location of supplier of goods
  • Location of recipient of services
  • Illustration of location of recipient of service
  • Location of supplier of services
  • Illustration of location of supplier of services
  • Import of services
  • Export of services
  • Treatment of supplies to and by SEZ units/SEZ developers
  • Establishment of distinct person
  • Meaning of establishment
  • Distinct Person
  • Some examples which do not constitute exports
  • Time limit for receipt of payment in convertible foreign exchange
  • Import of goods
  • Export of goods
  • Supplies between two union territories without legislature
  • Definition of India and status of area beyond 12 Nautical
  • Miles
  • Small scale exemptions on inter-State supplies
  • Consequences if tax on intra-State supply is paid treating it as inter-State supply and vice-versa

10. Import and Exports

  • Broad scheme of taxation of imports in GST
  • Treatment of supplies to and by SEZ units/SEZ developers
  • Treatment of exports under GST

  • Fate of export promotion schemes like Advance License, EPCG in GST
  • Treatment of warehoused goods
  • Examples of supplies outside India which do not constitute export of goods or services
  • Place of supply of goods and/or services in cases of import or export of goods and/or services
  • Treatment of supplies in continental shelf and exclusive economic zone of India
  • Meaning of continental shelf and exclusive economic zone of India
  • Refunds of taxes on exports and deemed exports be claimed
  • Applicable penal provisions to imports- IGST law or the Customs Act 1962
  • Will SEZ Act have an overriding effect over the GST Acts?
  • Tax treatment of export of goods and services to Nepal and Bhutan

11. Transitional provisions

  • Migration of existing tax payers to GST
  • Process of migration
  • Transfer of unutilized credit balances of various taxes like Central Excise Duty, Service Tax, VAT etc. that are being subsumed under GST

  • Transfer of credits of cesses such as Education Cess, Secondary and Higher Education Cess, Swatch Bharat Cess and Krishi Kalyan Cess
  • Illustration of credits that may not be carried forward
  • Transfer of credit of taxes paid on goods in stock in certain situations
  • Manner of availment of credit of embedded Excise Duty on goods procured from dealers as such invoices are not the duty paying documents for Excise Duty
  • Credit of state taxes in cases linked to production of certain prescribed forms in current regime
  • Credit on capital goods installed in the premises of suppliers
  • Goods in transit on the appointed date
  • Goods sent on approval basis returned on or after the appointed day
  • Credit reversed on goods transferred to branches before the appointed date and lying in stock in branches on the appointed date be admissible?
  • Service tax credits reversed prior to the appointed date on the grounds that the payment were not made to the service provider
  • Goods sent to job worker before the appointed date and returned after the appointed date
  • Pending assessments, adjudications
  • Refund of taxes paid under the earlier law
  • Refund claims in respect of services not provided
  • Amount recovered or refunded pursuant to revision of return
  • Claims of Cenvat credit pertaining to earlier law
  • Miscellaneous
  • Treatment of tax paid on the goods lying with agents
  • Unveiled credit on spectrum not reflected in the return on the appointed date
  • Credit by ISD
  • Credit of CST paid on goods/inputs lying in stock be taken since under the new law

12. Key Compliances

  • Registration under GST
  • Persons not liable for registration
  • Meaning of aggregate turnover

  • Meaning of exempt supplies
  • Obtaining registration under GST
  • Documents required for registration
  • Changes that require amendment of registration
  • Situations which can cause cancellation of GST registration
  • Type of accounts & records a taxpayer has to keep & maintain
  • List of activities for which records must be maintained
  • Period for retention of accounts and other records
  • Special provisions about maintenance of records by a warehouse/godown operator
  • Precautions that should be taken while accepting an invoice related to taxable inward supplies
  • Records that have to be maintained for claiming ITC
  • Accounts & records an Input Service Distributor (ISD) has to keep & maintain
  • A tax invoice
  • Significance of a tax invoice
  • Issuing a tax invoice
  • Essential contents of a tax invoice
  • Bill of Supply
  • Rectification of an error in an invoice
  • Invoice on receipt of goods or services from an unregistered supplier
  • Payment voucher for goods or services taxable on reverse charge basis
  • How to pay tax and other dues
  • Electronic tax liabilities register
  • Electronic cash ledger
  • Electronic credit ledger
  • Utilising input tax credit for payment of tax
  • Date by which tax has to be deposited
  • Order in which a taxpayer has to discharge his tax and other dues
  • Meaning of a tax return
  • Types of returns prescribed under GST
  • Revision of a tax return.
  • Uploading of inward and outward supplies and their matching
  • Key points in matching, reversal and reclaim of input tax credits (ITC)
  • Reporting of advance amount in outward supply return
  • Late fees on late filing of returns
  • Tax Deduction at Source (TDS)
  • Key differences in compliance system under GST and current regimes
  • Assessment under GST
  • Scrutiny of returns by tax authorities
  • Audit of records by tax authorities
  • GST compliance rating
  • A Tax Return Preparer
  • Some Illustrative scenarios of complicated compliance scenarios

13. Frequently Asked Questions (FAQ’s)

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