New GST e-learning certification by ClearTax
3.8 (61 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
343 students enrolled

New GST e-learning certification by ClearTax

Become an expert in basics of GST & the proposed new GST Return Filing system.
3.8 (61 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
343 students enrolled
Created by ClearTax Learning
Last updated 3/2020
English
English [Auto]
Price: $74.99
30-Day Money-Back Guarantee
This course includes
  • 8 hours on-demand video
  • 16 articles
  • 3 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
Training 5 or more people?

Get your team access to 4,000+ top Udemy courses anytime, anywhere.

Try Udemy for Business
What you'll learn
  • Basics of GST
  • Introduction to New GST Returns
  • New Return Forms - RET-1/2/3
  • Filing Process for Sahaj (RET-2)
  • Filing Process for Sugam (RET-3)
  • Complete Analysis of ANX-1
  • Complete Analysis of ANX-2
Requirements
  • Basic understanding of GST
Description

The present GST return system had a manual process of fetching the sales invoice data for the purpose of matching with the ITC reported by taxpayers. Whereas the New GST return system automates the process to greater extent giving visibility of the process to both the parties -suppliers and the recipients.


At present, GST returns requires details of sales and exports to be reported in GSTR-1 return, as well as the summary ITC and tax to be declared in GSTR-3B for regular taxpayers.

The ITC amount is claimed on a provisional basis and involves reconciliation with GSTR-2A. The reconciliation results in either excess credit claims or short of claims. The taxpayer can adjust this difference in subsequent returns earlier of two dates for a given financial year. 1) Due date of filing GSTR-3B for September of the next year or 2) Due date of Annual returns for that financial year.


New GST return is aimed to simplify the current return filing process which has multiple returns. The new system and format of the GST returns was initially introduced in the 28th GST Council meeting meeting held on 21 July, 2018.The return prototype gave a concrete picture of how the returns look like in actual and the detailed process of filing too.


Below are some of the benefits of simplified returns which makes its introduction a necessary move:


  • Simplified returns are profile based returns. A lot of supplies come under the ambit of GST. However, most of the dealers deal with only a few supplies. Thus, a profiling questionnaire will enable the GST return format to display only those information fields that are relevant to the taxpayer’s profile.

  • Invoices can be uploaded by the supplier on a continuous and real-time basis, which will be available for action to be taken by the recipient.

  • The simplification in forms and filing procedure will lead to lower compliance costs.

  • Taxpayers will be able to amend their returns once filed, and file up to two amendment returns for a tax period.


Who this course is for:
  • Tax Practitioners, Chartered Accountants & CA Students
Course content
Expand all 103 lectures 08:11:48
+ Basics of Old GST Returns
21 lectures 46:10

Did you know that around 160 countries in the world follow GST? In this chapter, we will take a walk down memory lane and talk about why GST was introduced in the first place, the idea behind it and the advantages of the system.

Preview 03:33

So, with the introduction of GST, we big adieu to several forms of indirect taxes like VAT, CST, Service Tax, CVD, among others. In this lecture, we'll talk about the cascading effect that GST removed from the system.

Preview 09:49

Did you know that a GSTIN number is longer than a phone number? Yes, it is 15-digit long! In this lecture, we will discuss what GSTIN is and why it is important.

Preview 01:15

Under GST, taxpayers whose turnover is less than Rs 1 crore can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This simple-yet-interesting scheme is called a composite scheme. In this lecture, we will discuss all about a composite scheme.

Preview 02:06

This quiz consists of the topics : GST basics, GST registration & composition scheme.

Basics of Old GST Returns I
30 questions

The very foundation of GST stands on the correct determination of place of supply. In this lecture, we will take you through the importance of place of supply & various cases.

Place of Supply : Importance & Cases
17:08

Like the place of supply, the time of supply is also of great importance. In this lecture, we will give you a detailed walk-through about time of supply and its importance.

Time of Supply : Importance of time of supply
00:49
Time of Supply : GST Compliances, Time of Supply for Goods & Services
00:00

In this lecture, we will give you a detailed walk-through about value of supply and its importance.


Value of Supply : Importance of value of supply
01:21
Value of Supply : Determination of value of supply in different cases
00:00

This quiz contains topics from : Place of supply, time of supply, value of supply

Basics of Old GST Returns II
30 questions

With digitisation, ledgers have also been converted to an electronic version? In this lecture, we will talk about e-ledgers and how they were incepted.

GST Payments : What are e-ledgers?
01:50
GST Payments : Electronic cash, credit & liability registers, challans, PMT-08
00:00
Refunds under GST : Refund for exports, Inverted Duty Structure, Excess Payment
00:00

In this lecture, we will discuss in detail the different types of assessments.

Assessment Procedure : Different types of assessments
00:50
Assessment Procedure : Best judgement assessment, how to respond to scrutiny
00:00

In this lecture, we will discuss the penal provisions and changes in the new return system. We will discuss the offences and penalties in detail.

Offences & Penalties : Penal provisions & changes in the new returns
07:27
Offences & Penalties : Notices under GST, Different types of notice and response
00:00
Rates : Rate Revisions, anti-profiteering
00:00
Present/ Old GST Returns Systems
00:00

This quiz consists of these topics : GST payments, assessment procedures, offences & penalties

Basics of Old GST Returns III
30 questions
+ Input Tax Credit (ITC)
7 lectures 46:20

There are specific conditions under which one can claim an input tax credit. We will find out what these circumstances are in this lecture.

Preview 05:12

Just when we thought that we have understood the GST system with regard to the Input Tax Credit Utilisation, the Government has now changed the procedure for the order of set-off of the same. While the new rules are fairly simple, let us walk you through how to set-off ITC against liability and cross utilisation in this lecture.

Preview 04:37

In this lecture, we will discuss how to set-off ITC against liability.

Preview 03:33

In the lecture, we will discuss about ineligible ITC and look into some cases where ITC under GST cannot be availed.

Ineligible ITC
08:51

In this lecture, we will find out about ITC reversal and how one can go about it.

ITC Reversal
05:51

Did you know, the concept of Input Service Distributor or ISD under GST is a legacy carried over from the service tax regime? In this lecture, we will explore ITC that is distributed by ISD.

ITC Distributed by ISD
13:47

In this lecture, we will try to understand the impact of input tax credit on job work and repairs.

ITC on job work
04:29

This quiz will test your overall progress in the section : Input Tax Credit (ITC)

Understanding of Input Tax Credit (ITC)
25 questions
+ Reverse Charge Mechanism
3 lectures 12:23

Did you know that sometimes a buyer might need to pay tax to the Government instead of a seller? In such cases, reverse charge mechanism applies. In this lecture, we will learn about RCM in detail.

Preview 04:06

One of the main objectives of RCM is to reduce tax evasion. In this lecture, we will learn about various important reasons that make RCM a part of the GST law.

Why is RCM Part of GST Law
02:42

Although RCM is an important part of the GST law, it is not applicable in all the scenarios. In this lecture, we will learn about cases in which RCM is strictly applicable.

Cases for RCM Applicability
05:35

This is a test on : Understanding of Reverse Charge Mechanism

Understanding of Reverse Charge Mechanism
15 questions
+ New GST Returns
26 lectures 01:52:16

In this lecture, we will understand about the issues in old GST returns system.

Issues in Old GST Returns
02:15

VAT and Service tax issues led to the beginning of the GST returns and now issues in old GST returns is introducing us to new GST returns. This clearly shows, change is the only constant in the Indirect tax regulations in India. In this lecture, we will explain the philosophy of new GST returns.

Philosophy of New GST Returns
02:44

In this lecture, we will understand all about the new GST returns.

What is New GST Returns?
05:36

This is a test on : Introduction to New GST Returns

Introduction to New GST Returns
30 questions

In this lecture, we will go through the  new return forms - RET 1/2/3 along with its applicability.

New Return Forms - RET 1/2/3 with the applicability
02:46

If you are a business or a CA supporting a business, the first things you will want to know is what return profile should I choose among Normal Quarterly, Sahaj or Sugam. In this lecture, we will compare different return profiles.

Comparison of different return profiles with tables
06:07
Quick comparison of old and new GST filing procedure
06:02

This is a quiz on : Comparison with present system and profiling

Comparison with present system and profiling
20 questions

In this lecture, we will understand the complete filing process for a normal monthly filer (for businesses having turnover > 5 Cr).

Complete filing process for a Normal Monthly Filer (RET -1)
04:32

In this lecture, we will understand the filing process for a normal quarterly filer.

Complete filing process for a Normal Quarterly Filer (RET -1)
03:23

Did you know that GST SAHAJ is a simplified one-page GST summary return that is to be introduced from October 2019 onwards? In this lecture, we will learn about the complete filing process of Sahaj (RET-2).

Complete filing process for Sahaj (RET -2)
01:20

Did you know that GST Sugam is a proposed simplified returns form which is to be introduced by the GST Council from October 2019 onwards? In this lecture, we will decode Sugam (RET-3).

Complete filing process for Sugam (RET-3)
02:09

As a buyer, one needs to be aware of certain factors when it comes to new GST returns. In this lecture, we will list out things to remember for a buyer.

Things to remember for a buyer
03:43

As a supplier, one needs to be aware of certain factors when it comes to new GST returns. In this lecture, we will list out things to remember for a supplier.

Things to remember for a supplier
05:09

In this lecture, we will take a deep dive into Annexure 1 and understand its components.

Complete Analysis of ANX-1
15:42

In this lecture, we will take a deep dive into Annexure 2 and understand its components.

Complete Analysis of ANX-2
06:12

Did you know that RET-1 comprises 9 tables? In this lecture, we will take you on a detailed walkthrough of RET-1.

Complete Analysis of form RET-1
10:55
Complete Analysis of RET-2 (Sahaj)
00:00
Complete Analysis of RET-3 (Sugam)
00:00

This is a quiz on : Formats and filing process

Formats and filing process
30 questions

Invoice management gains importance under new GST returns. It becomes critical to claim the right ITC at the right time for businesses to operate efficiently on its working capital. In this lecture, we will talk about the importance of invoice management.

Importance of Invoice Management
05:39

An all new concept of amendment returns has been introduced in new GST returns system. In this lecture, we deep dive into the process of amendment to sales invoice.

Amendment to sales invoice - Process
05:03
Challans (PMT 08, CMP 08)
00:00

In this lecture, we demonstrate a live case study of the new GST returns system.

Preview 06:09

In this lecture, we will discuss the importance of matching purchase books and ANX-2.

Why matching of purchase books and ANX-2 is important
01:15

There are plenty of complexities in matching data in the new GST return system. In this lecture, we will help you deconstruct and understand them in detail.

Complexities in matching
04:54

Did you know there are some transactions which sometimes never even make it to the purchase books of businesses. One of the biggest example is Bank charges. Bank charges include transaction charges charged on POS, money transfer and many other bank enabled transactions for which businesses do not receive any invoices. These cases are very difficult to identify even post matching with purchse books and many businesses lose out to claiming credit on them. In this lecture, we will understand the concept of missing invoices.

Concept of Missing Invoices
04:24

In this lecture we will discuss the concept of locking, unlocking and deemed locking of invoices.

Concept of locking, unlocking and deemed locking of invoices
06:16
How GSTN matching tool works?
00:00

This is a quiz on : How to address complexities in new GST returns?

How to address complexities in new GST returns?
15 questions
+ Transition to New GST Returns
8 lectures 40:23

Migration from pre-GST into GST regime took taxpayers months of reconciliation of the accounts data. Now with the new GST returns getting implemented in stages, taxpayers must be aware of the phases announced, compliance expected, impact on their accounting system and more. In this lecture, we will discuss the impact of new returns on taxpayers.

Impact of New GST on Taxpayers
10:48

During the transition, one common question which will arise is : How do we report the invoices missed in the old GST system? In this lecture, we will find out the process to report such missing invoices.

Reporting Invoices Missed In Old GST
03:29

In this lecture, we will find out the ways to claim ITC from old GST returns.

How To Claim ITC From Old GST
03:41

In this lecture, we will broadly discuss the transition plan from old to new GST return system.

Transition Plan - Old GST Returns to New GST Returns
03:57

In this lecture, we will discuss about the accounting entries which need to be passed. We will compare the monthly closing entries between the present and new GST returns system.

Accounting Entries That Need To Be Passed
05:44

In this lecture, we will discuss various use cases of new GST returns.

Use Cases Of Transition To New GST Returns
03:26

How will a CA or SME move to the new filing process? What will be the impact of the new GST returns system on a CA or an SME. We will discuss in this lecture.

Enabling Transition To New Returns For CAs & SME
02:39

In this lecture, we will discuss the change in return forms in the new GST system.

Change in Forms In New GST System
06:39

This is a quiz on : Transition plan and implications

Transition plan and implications
30 questions
+ New GST Returns (Hindi)
20 lectures 01:47:53
Issues in Old GST Returns (Hindi)
01:37
What is New GST Returns? (Hindi)
02:01
New Return Forms - RET 1/2/3 (Hindi)
04:17
Comparison of different return profiles with table (Hindi)
04:45
Quick comparison of old and new GST filing procedure (Hindi)
07:58
Complete filing process for a Normal Monthly Filer - RET-1 (Hindi)
07:48
Complete filing process for a Normal Quarterly Filer - RET-1 (Hindi)
07:48
Complete filing process for Sahaj - RET-2 (Hindi)
05:16
Complete filing process for Sugam - RET-3 (Hindi)
06:46
Things to remember for a buyer (Hindi)
04:39
Things to remember for a supplier (Hindi)
03:32
Complete analysis of ANX-1 (Hindi)
08:27
Complete analysis of ANX-2 (Hindi)
02:45
Complete analysis of RET-1 (Hindi)
09:02
Importance of invoice management
05:53
Amendment to sales invoice - Process
03:48
Why matching of purchase books & ANX-2 is important? (Hindi)
05:17
Complexities in matching (Hindi)
05:39
Concept of Missing Invoices (Hindi)
06:54
Concept of locking, unlocking and deemed locking of invoices (Hindi)
03:41
+ Transition to New GST Returns (Hindi)
8 lectures 43:19
Transition Plan - July 2019-March 2020 (Hindi)
06:43
Business Impact - Why is the new GST return system important? (Hindi)
07:00
How to report invoices missed in Old GST? (Hindi)
04:16
How to claim ITC from old GST? (Hindi)
04:50
Accounting entries that needs to be passed (Hindi)
04:31
Use cases of Transition to new GST return system (Hindi)
03:45
Enabling transition to new returns for CAs/SMEs (Hindi)
03:14
Changes in form in New GST system (Hindi)
09:00
+ Best Practices with Industry Experts
7 lectures 01:20:17
Introduction by CA Madhukar N Hiregange
01:51

In this lecture, we will outline the learnings on new GST returns for businesses. We will also understand how to make a CA's team or an enterprise finance team more agile to move to the new GST returns system.

How to make your team more agile for the transition? By CA Madhukar N Hiregange
09:25

In this lecture, we will discuss the impact of new GST returns system on CAs and how does their monthly work change.

Impact of New GST Returns on the industry by CA Madhukar N Hiregange
08:11

In this lecture, we discuss the basics of New GST return filing system and how to be prepared for the new return system.

Learn about New GST returns under 30 minutes by CA Venugopal Gella
28:48

In this lecture, we will discuss the potential changes in ERP after the introduction of new GST returns.

Potential changes in ERP by CA Venugopal Gella
22:03

In this lecture, Mr Amit Aggarwal, Head of Corporate Tax at Marico Ltd, will discuss the key takeaways for CFOs on changes expected in finance.

Key takeaways for CFOs on changes expected in finance function by Amit Aggarwal
06:02

In this lecture, Mr Dinesh Maheshwari, CFO & Executive director at Future Group, will discuss the role of technology in managing compliance cost.

Adoption of technology:Precursor to managing compliance cost - Dinesh Maheshwari
03:57