Theoretical Framework of Goods and Service Tax

Paper Code: 
ATG/BSG/FSG/MMC/MED-322
Credits: 
6
Contact Hours: 
90.00
Max. Marks: 
100.00
Objective: 
  • Develop an understanding of the fundamental aspects of Goods and Services Tax laws
  • Enable students with the practical issues related to levy and collection of tax.

Course

Learning outcome (at course level)

Learning and teaching strategies

Assessment Strategies

Paper Code

Paper Title

ATG 322

Theoretical Framework of Goods and Services Tax 

CO 67: Interpret the concept of Indirect Taxes in India, pre-GST Period and  post GST-Period

CO 68: Comprehend the Registration Process, cancellation and revocation under GST

CO 69: Describe the concept of Supply and also determine the time, value and place of supply, Know the concept ITC and RCM

CO 70: Assess the Basic Customs Duty and outline the procedure for payment of tax. Interpret the basic provisions regarding tax assessment, tax refund, Administration and Audit, maintenance of records and E-Way bills

CO 71: To Understand the implications of GST on the taxable capacity of consumers, dealers and of the society at large audits changes

CO 72: To comprehend the principles of taxations, objectives of taxes and its impact, shifting and incidence process of indirect taxes in the economy.

·     Interactive Lectures, Discussion, Tutorials

·        Reading assignments, Demonstration

·       Learning activities for the students

· Self learning assignments, Application based questions 

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

 

18.00
Unit I: 
Unit I

Concept of Indirect Taxes at a glance :Background; constitutional powers oftaxation;
Indirect taxes in India – An overview;
Pre-GST tax structure and deficiencies; Existing tax structure.
CGST- Basic Knowledge, Definitions,
• Constitutional Framework of CGST, GST; GST Model – CGST / IGST / SGST / UTGST;
• Registration: Procedure for registration under GST, Cancellation and revocation of Cancellation

18.00
Unit II: 
Unit II

Identification of Nature of Supply-
• Inter State and Intra State Supply,
• Composite and Mixed Supply,
• Continuous Supply and Zero Rated Supply,
• Taxable and Non Taxable supplies,
• Composition levy, Levy and Collection of Tax
• Exemptions from GST

18.00
Unit III: 
Unit III

• Time of Supply
• Value of supply
• Place of Supply
• Input Tax Credit- Concept, Eligibility and conditions for taking Input tax credit, Computation of GST liability
• Reverse Charge Mechanism

18.00
Unit IV: 
Unit IV

• Applicable rates of GST
• Payment of Tax-Electronic Cash Ledger, Electronic Credit Ledger, Electronic Liability Register, Interest on Delayed Payment, TDS, TCS
• Computation of GST Liability
• Tax Assessment- Assessment by Tax Payers, Assessment by Tax Authorities

18.00
Unit V: 
Unit V

• Tax Refund- Interest on late refund of tax, Consumer Welfare Fund, Refund of IGST paid on goods exported out of India
• Administration and Audit
• Maintenance of Records and Invoices,
• E-way Rules and Bills, Validity of E Way Bills

Essential Readings: 

1. Basics of GST- Nitya Tax Associates (Taxmann’s Publications)
2. GST- A Practical Approach—VashisthaChaudhary, AshuDalmia, ShaifalyGirdharwal(Taxmann’s Publications)
3. Illustrated Guide to Goods and Services Tax- CA Rajat Mohan (Bharat Publications)
4. Biginner’s Guide to GST- VandanaBangar, YogendraBangar (Aadhya Publications)
5. Goods and Service Tax-Patel, Choudhary (ChoudharyPrakashan)

Academic Year: 
2021-2022
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