GOODS AND SERVICE TAX

Paper Code: 
SBFS 301
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

  
 

On completion of this course, the students will be able to:

  1. Evaluate the methodology and benefits of implementing GST, demonstrating advanced comprehension and analysis skills in understanding the stages of evolution, structure, and important concepts and definitions of GST.
  2.  Analyze the incidence of taxation under GST, including the levy and collection of tax, rates of GST, and the scope of supply, showcasing advanced analytical skills in assessing the impact of GST on different types of supplies, such as composite and mixed supplies, e-commerce transactions, and liability to pay tax.
  3.  Apply the principles of registration under GST, including the persons liable for registration, the procedure for registration, amendment, cancellation, and revocation of registration, demonstrating advanced application skills in ensuring compliance with GST registration requirements and maintaining accurate records.
  4. Evaluate the concept of input tax credit and computation of tax liability under GST, showcasing advanced analysis and evaluation skills in understanding the mechanisms for claiming input tax credit, calculating tax liability, and optimizing tax benefits for businesses.
  5.  Demonstrate a comprehensive understanding of maintenance of books and records under GST, including the requirements for returns, accounts, and records, showcasing advanced comprehension and application skills in adhering to the prescribed documentation and reporting standards under GST.

Approach in teaching: Interactive Lectures, Discussion, Tutorials, Practical cases Demonstration, Power point presentation.    

 Learning activities for the students:                              Self learning assignments, Effective questions, Seminar presentation, Live practical problems analysis

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

  

 

12.00
Unit I: 
Understanding GST Concepts

 Introduction - Stages of Evolution of Goods and Services Tax - Methodology of GST –.
 Benefits of implementing GST- Structure of GST- Central Goods and Services Tax - State Goods and Services Tax - UTGST - Integrated Goods and Services Tax - Important concepts and definitions under CGST Act and IGST Act GSTN - HSN Code - SAC code - GST council – Structure, Power and Functions.

12.00
Unit II: 
Incidence of Taxation

 Levy and Collection of Tax -Rates of GST- Scope of Supply - Composite and Mixed Supplies, E-commerce under GST regime- Liability to pay tax,
 Reverse Charge Mechanism- Composition Scheme of Levy-Value of taxable supply- Interstate supply-Intra state supply
 Time of supply- Place of supply- Significance- Time and place of supply in case of intra state supply, interstate supply and import and export of goods and services

12.00
Unit III: 
Registration

 Registration - Persons Liable for Registration - Compulsory Registration - Deemed Registration- Procedure For Registration - GSTIN - Amendment of Registration - Cancellation of Registration - Revocation of cancellation - Furnishing Details of Supplies - Returns - Accounts and Records- Forms for above – Assessment- An overview of various types of assessment

12.00
Unit IV: 
.

Input Tax Credit and Computation of Tax Liability

12.00
Unit V: 
Maintenance of Books & Records

 Composition Scheme, Job work and its procedure,
 Various exemptions under GST, Demand, and recovery under GST Miscellaneous provisions under GST

Essential Readings: 

 Basics of GST- Nitya Tax Associates (Taxmann’s Publications)
 GST- A Practical Approach—VashisthaChaudhary, AshuDalmia, ShaifalyGirdharwal(Taxmann’s Publications)

References: 

SUGGESTED READINGS :
 Illustrated Guide to Goods and Services Tax- CA Rajat Mohan (Bharat Publications)
 Biginner’s Guide to GST- Vandana Bangar, Yogendra Bangar (Aadhya Publications)
 Customs Act - - Vandana Bangar, Yogendra Bangar (Aadhya Publications)
 Goods and Service Tax-Patel, Choudhary (ChoudharyPrakashan)
e-RESOURCES:
https://cbic-gst.gov.in
https://cleartax.in/s/gst-book-online-pdf
http://www.idtc.icai.org/gst.html
https://taxmantra.com/wp-content/uploads/2017/03/GST-Ebook.pdf

JOURNALS AND PERIODICALS
• Tax World
• The Chartered Accountant
• The Economist

Academic Year: 
2023-2024
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