Goods and Service Tax in India : A Brief Introduction

Course Overview

This course provides an introduction to Goods and Service Tax (GST) in India. Participants will gain an understanding of the meaning, significance and concept of GST, as well as various terminologies related to GST. Illustrations on computations of GST under various provisions will be discussed, as well as various facets of supply under GST, charge and taxable events under GST, provisions of composition levy under GST, determination of place, time and value of supply, registration provisions under GST, maintenance of books and records, and basic concepts of filing of returns under GST.

[Applications]
After completing this course, participants should be able to apply the knowledge they have gained to their own businesses. They should be able to understand the meaning, significance and concept of Goods and Service Tax, as well as the various terminologies related to GST. They should also be able to compute GST under various provisions, understand the various facets of supply under GST, and determine the place, time and value of supply. Additionally, they should be able to understand the registration provisions under GST, maintain books and records, and file returns under GST.

[Career Paths]
The career path recommended to learners of this course is that of a Goods and Service Tax (GST) Consultant. GST Consultants are responsible for providing advice and guidance to businesses on the various aspects of GST, such as registration, filing of returns, and compliance with GST regulations. They also help businesses to understand the implications of GST on their operations and advise them on the best strategies to maximize their profits.

The development trend of GST Consultants is very positive. With the introduction of GST in India, the demand for GST Consultants has increased significantly. As businesses become more aware of the implications of GST, they are increasingly seeking the services of GST Consultants to ensure compliance with the GST regulations. Furthermore, with the increasing complexity of GST regulations, the demand for GST Consultants is expected to continue to grow in the future.

[Education Paths]
The recommended educational path for learners interested in Goods and Service Tax in India is to pursue a degree in Accounting or Taxation. This degree will provide learners with a comprehensive understanding of the principles and practices of taxation, including the Goods and Service Tax in India. Learners will gain knowledge of the various terminologies related to GST, the computations of GST under various provisions, the charge and taxable events under GST, the provisions of composition levy under GST, the determination of place, time and value of supply, the registration provisions under GST, the maintenance of books and records, and the basic concepts of filing of returns under GST.

The development trend of this degree is to focus on the practical application of the principles and practices of taxation. This includes the use of technology to automate the filing of returns, the use of data analytics to identify potential areas of tax savings, and the use of artificial intelligence to identify potential areas of non-compliance. Additionally, the degree will focus on the ethical implications of taxation and the importance of compliance with the law.