Course

Unit 1

Meaning and Historical background of GST, Background of Erstwhile Service tax and VAT, Concept of Input Credit, need for GST, Salient Features, Taxes subsumed under GST, Advantages of GST, Constitutional Amendment, GST Council, GST Network, Acts and Rules passed for Implementing GST and their Interlinking.

Unit 2

Types of GST – Meaning of CGST, SGST, UTGST, IGST, Practical Examples on how GST works (to get an overview of the system), Meaning of Supply – Elements that constitute supply, Types of Supply, Activities that are neither supply of goods nor supply of services, Composite and Mixed Supplies, Principal supply.

Unit 3

Some important definitions – India, Turnover, Business, Business Vertical, Goods, Capital Goods, Inputs, Casual taxable person, consideration, Continuous supply, Exempt Supply, Job Work, Manufacture, Reverse Charge, Place of business, Input Service Distributor.

Unit 4

Levy and Collection of GST, Tax payable under Reverse Charge, Kinds of supply on which tax is leviable under GST, GST on Intrastate and Interstate supply, Zero rated supply.

Unit 5

Registration under GST, Input Credit, Goods and Services Exempt from GST, Power to grant exemption, Location of Supplier and Place of Supply of Goods and services, Composition scheme under GST – Eligibility, Impact.

Course Objective:

To develop an understanding of the Premise and basic principles of GST Laws and develop the ability to comprehend the GST Law structure.

Course outcome:

The students will be able:

CO1: To understand GST’s historical background and concepts related to GST

CO2: To Describe the transaction types which are related to GST

CO3: To know what transaction types are subjected to GST

CO4: To Indicate GST application, differentiation of application, and GST compliance and attendance

CO5: To Relate transaction amounts to GST liability.

Textbooks:

1. H. C. Mehrotra, Dr. S. P. Goyal, Income Tax Law and Practice – Sahitya Bhawan Publications
2. Vinod K. Singhania – Students Guide to Income Tax – Taxmann Publications

References:

1. N. Manoharan – Income Tax, VAT & Service Tax – Snow White Publication
2. Madhukar N. Hiregange, Rajesh Kumar T. R., Sudhir V. S. – Practical Guide to Service Tax – Bharath Law House