GST (Goods and Services Tax)
GST or Goods and Services Tax is considered as a major Tax Reform policy in India which was launched on July 1st, 2017. It has been hailed as India's 'biggest tax reform’. The GST will create a common market for over 1.25 billion people.
It's a blanket indirect tax that will subsume several indirect state and federal taxes such as value added tax (VAT) and excise duty, and different state taxes, central surcharges, entertainment tax, luxury tax and a slew of related levies by local bodies.
The nation-wide transition to GST has led to immense opportunities as well.
About the Course
This course, launched in partnership with Schoolguru and authored by eminent Indirect Tax expert Monish Bhalla, who served at the Department of Customs and Excise and Service Tax for almost two decades, aims at equipping all the learners with the necessary knowledge about:
- GST, GST Models
- Taxes and Duties, Inter-State Goods and Services Tax
- GST Rate Structure, Input Tax Credit, Tax Invoice, Distribution of Credit,
- Procedures and Records for Input Tax Credits, Utilization, Recovery of Input Tax Credit, Exemptions and Non-Taxable Supplies
- Registration and Filing, Procedure for Registration and Cancellation, Filing of Returns, Self-assessment, Computation of tax liability, TDS, TCS, Demand, Refund, Audit by Tax Authorities, Appeals and Revisions, Appellate Authority and its Powers
- Delegation of Powers, Search and Seizure, Inspection, Arrest and Prosecution, Confiscation and Fine, Levy and Exemption of Tax: Chargeability under GST Act 2017, Collection at Source.
Career Opportunities for University Students
Due to manifold increase in compliances under GST Regime, wherein minimum 37 returns are to be filed in a year, per registration, there is a need of GST Professionals in the market. As per the chairman of CII, GST would lead to rise in country’s GDP by 2% to 2.5%. He categorically mentioned that a study of CII predicted a job creation of 2.5 million for every 1% growth in GDP. “As a result of increasing GDP, overall income of every employee will increase and it will lead to better purchasing power of individual taxpayers,” he said. Thus, more GDP means increase in business and it leads to increase in demand of GST Professionals. As per the latest study, the GST Professionals are getting huge salary hike ahead of GST roll out.
- GST is expected to create significant job opportunities as the businesses will need to hire professionals for dedicated GST management, upgradation and reconciliations.
- Mid- and small-sized companies will prefer to outsource similar activities to the third party account firms
- "We are expecting an annualised growth to the tune of 10 -13 per cent in formal job creation on account of GST," Indian Staffing Federation's President Rituparna Chakraborty said.
- "The new tax system will have a positive impact on ease of doing business, thereby making it conducive for foreign investors and companies. This would help in better execution of all government initiatives and propel formal job creation," Monster.Com's APAC and Middle-East MD Sanjay Modi said.
- Sector-wise, the immediate high-impact segments of GST are expected to be automobiles, logistics, home decor, e-commerce, media and entertainment, cement, IT and ITeS, BFSI, consumer durables, pharma and telecom.
- University students specifically B.Com, M.Com, B.B.A. and M.B.A. students can undertake this course and register themselves as GST practitioner.
How to enrol as a GST practitioner
- Any person willing to become GST practitioner can enrol by making application in FORM GST PCT-1 to the authorised officer
- After examining the eligibility, Authorised Officer will issue the certificate in FORM GST PCT-2
- A person enrolled as a goods and services tax practitioner may have to pass the examination conducted at such periods and by such authority as may be notified by the Commissioner.
Course Fee : Rs 1000/-