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Understanding GST for Non-Finance Professionals
Rating: 4.7 out of 5(39 ratings)
160 students

Understanding GST for Non-Finance Professionals

A Simple Guide to GST: Making Tax Easy for Everyone!
Created byVenugopal Gella
Last updated 3/2025
English

What you'll learn

  • Basic Understanding of GST and its structure
  • Equipped with the necessary knowledge to ensure GST compliance in their roles.
  • Improved ability to interpret GST invoices, understand tax implications, and collaborate effectively with finance and tax teams.
  • Understand GST implications on cross-border trade and interstate transactions.

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Course content

7 sections • 31 lectures • 2h 13m total length

  • What is GST?3:50

    Brief overview of GST in global context.
    Definition and scope under Section 2 of the CGST Act

  • Why GST in India?4:02

    The need for reform: complexity of the pre-GST tax system

    Benefits of GST: unified tax structure and elimination of cascading taxes.

  • What was there before GST?2:58

    Central taxes: Excise duty, Service tax, etc.

    State taxes: VAT, CST, Entertainment tax

  • Understanding IGST, Central + State GST (CGST & SGST) and ITC7:31

    Structure and flow of taxes under Section 9 of CGST Act

    Applicability in inter-state vs intra-state supplies.

  • Find the Right Answer

Requirements

  • No prior Knowledge on GST required. should have a basic interest and commitment to learn.

Description

This course is designed to provide non-finance professionals with a fundamental understanding of India's Goods and Services Tax (GST) system. It simplifies complex tax concepts and equips participants with practical knowledge required for compliance and decision-making. Through real-world examples and case studies, participants will gain insights into GST applicability, compliance requirements, and procedural aspects.
1. Introduction to GST

  • Overview of India's tax structure before GST

  • Concept, objectives, and need for GST

  • Structure of GST (CGST, SGST, IGST, and UTGST)

  • Benefits of GST: Simplification, transparency, and efficiency

2. Key Concepts in GST

  • Supply under GST: Time, place, and value of supply

  • Classification of goods and services

  • Composition Scheme: Benefits and eligibility

  • Exemption under GST

3. Practical Aspects of GST

  • Tax Invoice, Credit Note, and Debit Note

  • When and whom to Invoice

  • Applicability of GST on different business models (trading, services, exports, etc.)

  • Common errors in GST compliance and how to avoid them

4. Input Tax Credit (ITC) in Detail

  • Meaning and significance of ITC

  • Conditions for availing ITC

  • Blocked Credits under GST

  • Reversal of ITC and ITC reconciliation

  • Recent amendments and judicial rulings on ITC

5. GST Returns

  • Overview of GST returns: GSTR-1, GSTR-3B, GSTR-9, GSTR-9C

  • Due dates and late fee implications

  • Importance of reconciliations (books vs. GST portal data)

  • Common errors in filing and how to correct them

6. Assessment under GST

  • Types of GST assessments (self-assessment, provisional, scrutiny, etc.)

  • Departmental audits and inspections

  • Common notices under GST and how to respond

  • Penalties and interest for non-compliance

7. Advance Ruling & Demands and Recovery

  • Advance Ruling:

    • Concept and importance of advance ruling

    • Process for obtaining an advance ruling

    • Binding nature and implications of rulings

  • Demands and Recovery:

    • Circumstances leading to demand notices

    • Process of recovery by the department

    • Legal remedies available to taxpayers

Who this course is for:

  • For Beginners requiring a basic knowledge on GST
  • For Business persons-understanding the financial impact of GST.

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