Goods And Services Tax

Tags: Tax Preparation , Goods and Services Tax

Become GST Expert in 12 hours!

Last updated 2022-01-10 | 3.9

- At the end of the course
- students will have a thorough understanding of the GST tax regime and will be "GST Ready" for the coming future .

What you'll learn

At the end of the course

students will have a thorough understanding of the GST tax regime and will be "GST Ready" for the coming future .

* Requirements

* This course takes you through the basics of GST and turns you into an expert. You just need to have the curiosity before starting this course
* They Need to have a basic understanding around taxes and the right enthusiasm to learn about taxes

Description

WHAT IS GST ?

GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level.

Its main objective is to consolidates all indirect tax levies into a single tax, except customs (excluding SAD) replacing multiple tax levies, overcoming the limitations of existing indirect tax structure, and creating efficiencies in tax administration.
The introduction of Goods and Services Tax (GST) would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market.
From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods, which is currently estimated at 16%-18%.
Introduction of GST would also make our products competitive in the domestic and international markets. Studies show that this would instantly spur economic growth. Last but not the least, this tax, because of its transparent character, would be easier to administer.

Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be substantial and may require proactive planning with a time-bound action plan.

In order to prepare for the implementation of GST, companies need to understand GST policy development and its implications for scenario planning and transition roadmap preparation. We at clearTax aim to provide our learners with all the information and tools required to prepare themselves to face the new tax regime

Who this course is for:

CA aspirants, CA, CS, IAS aspirants , ICWA , LLB practitioners and aspirants , Tax practitioners and accountants

Course content

27 sections • 303 lectures

Basics of GST ( Video Lectures) 7 lectures

Intro Lecture Preview 02:04

Know about what is cleartax and what will you achieve by going through this whole course

Basics of GST Preview 03:05

Overview of the Current tax structure (Service tax, VAT, Customs Duty, additional duty, excise duty etc levied by the centre and the state government) and the proposed tax structure (GST-CGST, SGST, IGST).

Cascading Effect Of The Current Tax Structure Preview 07:00

Understanding the Concept of the Cascading effect(i.e Tax on Tax) and effect of the same under the Current Tax regime with an example.

GST Helps Mitigate the Cascading Effect Preview 04:24

What Exactly Is the GST? Preview 07:56

Understanding "What exactly is GST" and the meaning of "Gst is a comprehensive multi-stage destination based consumption tax on value addition".

Effect of GST on current Indirect Taxes Preview 03:31

Issues under the Current tax regime and how GST will rescue us from the same.

GST Story So Far Preview 07:12

Understanding how the GST came into force and the Merits & demerits of GST

Basics of GST ( Articles) 10 lectures

HSN Codes and It’s Implication under GST Preview 01:38

Know your GSTIN Preview 01:34

Mixed Supply & Composite Supply under GST Preview 02:23

Simplification of Indirect Taxes under GST Regime- Preview 01:03

Terms and phrases you must know under GST- Part I Preview 03:02

Terms and phrases you must know under GST- Part II Preview 04:00

Understanding the basics of GST Preview 02:17

What is GST Compliance Rating? Preview 01:42

What is SGST, CGST & IGST? Preview 03:18

GST Assessment Quiz 1

Test your understanding of GST by taking this quiz !

Composition scheme(Video Lectures) 10 lectures

Canons of Taxation Preview 11:10

The basic principles of sensible taxation policy have been agreed upon, ever since Adam Smith first articulated them in his “Canons of Taxation.” These principles are to be taken care while levying the tax.

Canons and GST Rectified Preview 07:23

The canons which are relevant to the taxpayer and analyse them for the current tax structure as well as GST along with understanding the need for introducing the composition scheme.

The right balance for the composition scheme Preview 06:04

This video explains the concept of composition schemes under the model GST law with an example.

Small Business and Aggregate Turnover Rectified Preview 06:27

The video explains the term aggregate turnover used for the purpose of eligibility of Composition scheme.

Small Business and Prohibited Activities Rectified Preview 05:03

Brief discussion on the applicability of the composition scheme.

Tax collection and Input Tax credit Preview 06:31

Analysis whether the Composition scheme is beneficial to the user or not.

Simplified Returns Preview 06:25

payment of taxes Preview 09:03

Impact of Composition Scheme in B2B Preview 08:05

Understanding the Impact of Composition scheme on B2B and B2C transactions with an example.

Impact of Composition Scheme in B2B Continued Preview 06:06

Understanding the Impact of Composition scheme on B2B and B2C transactions with an example.

Composition Scheme( Articles) 5 lectures

Benefits of Registering under GST Composition Scheme Preview 03:18

Composition Scheme Under GST Explained Preview 03:08

Drawbacks of registering under the GST Composition Scheme Preview 02:51

Simpler GST for small & local businesses (Composition Levy) Preview 01:03

GST Assessment Quiz 2

Quiz to test understanding of Composition Scheme concepts

Input Tax Credit( Video Lectures) 16 lectures

ITC Mechanism Preview 02:54

Understanding the concept of Input tax credit along with an example.

Reverse Charge Preview 04:58

Understanding the concept of Reverse charge Mechanism and how the same is different from the Normal charge with an example.

Purchases and a Hint to Negative List Preview 03:15

Understanding the Input, Input services and the Capital Goods on which Input tax credit is not available (Negative List under Input Tax Credit) along with the reason of covering the same under negative list.

The Specific List Preview 06:20

Understanding with reasons, the Specific List of Inward supplies on which Input tax credit is not allowed such as Food and beverages, outdoor catering, beauty treatment, health services, cosmetic and plastic surgery, membership of a club, health and fitness centre, rent a cab, life insurance, health insurance, travel benefits etc with the exceptions.

Motor Vehicles, Works Contract and Immovable Property Preview 06:43

Understanding the Inward supplies on which input tax credit is not allowed such works contract services, goods and services on the construction of immovable property with the exceptions.

Proportionate Credit Preview 10:32

Maintaining separate set of records for different categories of supply.ITC benefit & proportionate credit.

Set Off Rules Preview 05:20

Understanding the GST set-off chain . Understand how to calculate input tax credit and set-off.

Set Off Rules Continued Preview 06:39

How to set off the Input tax credit against IGST, CGST and SGST with an example.

ITC Utilisation Example Preview 13:02

Reasons for Conditions Preview 03:41

Understanding the eligibility conditions for receiving the Input Tax credit along with the parse rule governing the transfer of ITC.

Conditions for ITC Preview 12:14

Understanding the conditions for availing the Input tax credit along with the reasons for the same.

Special Circumstances Preview 11:44

Special Circumstances Preview 11:32

Special circumstances under Input tax credit such as ITC for ineligible claim now eligible, Eligible ITC transferred from one taxpayer to other, ITC claimed earlier now ineligible etc .

Job Worker and ITC Preview 07:28

Understanding the concept of the Job-work and the provisions relating to Input tax credit on Job-work.

Input Service Distributor Rules Preview 05:27

Understanding the concept of the Input Service distributor and the Input services distribution rules for ISD.

ISD Conditions Preview 05:43

Understanding the manner and conditions for distribution of credit by the Input service distributor.

Input Tax Credit ( Articles) 4 lectures

Input Tax Credit under GST Regime – Conditions To Claim Credit Preview 00:37

What is Input Credit? And how to claim it? Preview 02:20

Conditions to claim ITC Preview 00:51

GST Assessment Quiz 3

GST Registration ( Video Lectures ) 17 lectures

Exempt from Registration Preview 04:48

Understanding who, when, where, how and then what of the GST registration along with knowing who all are exempt from registering under GST.

Threshold Based Registration Preview 05:35

Understanding who all are liable to get registered under GST by dividing the list into three parts i.e automatic registration, conditional registration, and Mandatory registration.

Mandatory Registration E-commerce Related Preview 10:09

Mandatory Registration E commerce and Remit tax or claim ITC Preview 02:58

Mandatory Registration Special Cases 1 Preview 08:35

Understanding who all are mandatory required to get registered under GST.

Voluntary Registration and Benefits Preview 04:00

Understanding what is voluntary registration along with the benefits and the drawbacks.

Timeline for Registration Existing Dealers Preview 03:54

Knowing the timeline for registration under GST of the existing, new, casual and non-resident taxpayer.

Timeline for Registration New Dealers Preview 06:04

Knowing the timeline of registrations under of the new dealers, who are currently not registered under VAT, Service tax or excise law along with knowing the advantages and disadvantages of timely registration.

Timeline for Registration Casual and Non Resident Taxable Person Preview 06:07

Knowing the timeline for registration under GST of the casual and the non-resident taxpayer.

Where to Register Mutliple States Preview 03:56

Understanding where the dealer has to obtain registration covering the specific situations such as multiple states, multiple Business
verticals, the location of the supplier of services.

Where to Register Multiple Business Verticals Preview 06:22

Understanding the concept of the Business verticals along with
understanding the advantages and disadvantages of the single and the separate registratio