Understanding GST for Non-Finance Professionals

Understanding GST for Non-Finance Professionals free download

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

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 GST

• Overview of India's tax structure before GST

• Concept, objectives, and need for GST

• Structure of GST (CGST, SGST, IGST, and UTGST)

• Benefits of GST: Simplification, transparency, and efficiency

2. Key Concepts in GST

• Supply under GST: Time, place, and value of supply

• Classification of goods and services

• Composition Scheme: Benefits and eligibility

• Exemption under GST

3. Practical Aspects of GST

• Tax Invoice, Credit Note, and Debit Note

• When and whom to Invoice

• Applicability of GST on different business models (trading, services, exports, etc.)

• Common errors in GST compliance and how to avoid them

4. Input Tax Credit (ITC) in Detail

• Meaning and significance of ITC

• Conditions for availing ITC

• Blocked Credits under GST

• Reversal of ITC and ITC reconciliation

• Recent amendments and judicial rulings on ITC

5. GST Returns

• Overview of GST returns: GSTR-1, GSTR-3B, GSTR-9, GSTR-9C

• Due dates and late fee implications

• Importance of reconciliations (books vs. GST portal data)

• Common errors in filing and how to correct them

6. Assessment under GST

• Types of GST assessments (self-assessment, provisional, scrutiny, etc.)

• Departmental audits and inspections

• Common notices under GST and how to respond

• Penalties and interest for non-compliance

7. Advance Ruling & Demands and Recovery

• Advance Ruling:

  • Concept and importance of advance ruling

  • Process for obtaining an advance ruling

  • Binding nature and implications of rulings

• Demands and Recovery:

  • Circumstances leading to demand notices

  • Process of recovery by the department

  • Legal remedies available to taxpayers