Goods and Services Taxes (GST)

Skill Short > Goods and Services Taxes (GST)

GST is goods and services tax which has been introduced on 1st July, 2017 in India. It extends to whole of India including Jammu & Kashmir. GST has subsumed almost all the previously existed indirect taxation laws. It has removed cascading effect of taxes by extending benefits of credit. It is a destination-based tax where tax accrues to the place where goods & services are consumed. Under GST, both central and state has power to levy. In case of intra-state sale CGST and SGST are charged equally and IGST is charged for inter-state sale. The common rates of taxes under GST are 5%, 12%, 18% and 28%. Alcoholic liquor for human consumption and 5 petroleum products are outside the purview of GST. The threshold limit for registration is 40 lacs for goods and 20 lacs for service in case of other states and 20 lacs in case of both in special category states. Composition scheme under GST has also been introduced for small businessmen to reduce the rate of taxes and burden of filing. E-Way Bill system is implemented to provide details to government on real time basis. Here are the few compliances which are required to be done under GST.

  • Proper maintenance of accounts
  • Reconciliation of GSTR 2A with Purchase Register
  • Matching, reversal and reclaim of ITC
  • Timely payment of taxes and filing of return
  • Timely generation of E-way Bill.

GST forms an integral part of the course where student will get to learn about Overview of GST, Compliances, online return filing, online E-Way bill generation, GSTR 2A and purchase register reconciliation and how GST is integrated along with accounting software tally. Learning GST will help accountant and small businessmen to maintain accounts properly and be complaint. This will ensure smooth running of business, avoidance of late fees and penalty. Error and mismatches are handled on real time basis.Since GST is a new law and not much people are aware about it, thus it will help you to enhance your knowledge, increase job opportunities, get hike on current salary, get promotions etc. GST return can be filed independently after completion of the course. The demand of accountant well equipped with GST knowledge is relatively high.

In Skillshort, GST is taught by professionally qualified chartered accountants using real-client data. Every class is summarized using power-point presentations. Case-studybased approach is followed in teaching. Projects on GST are given on regular interval. After completion of every class, online test is conducted. Reconciliation of GSTR 2A with Purchase Register in excel is taught. Back-up videos of GST course is also available for future references. After completion of course, updates on GST are provided to students at regular intervals.The course will also provide you an insight of newly introduced GST return Sahaj, Sugam and GST RET 1 along with its annexures.

Skillshort provides you an opportunity to excel in your career by gaining an insight into Goods and Services Tax at a very affordable cost with proper training by professionals who have experience and expertise in this field.