Duration : 3 to 4 Months / Type : Diploma / Mode : Part Time
OBJECTIVES: The Goods and Services Tax (GST) was introduced with several objectives to reform the indirect tax system in India.
Course Structure
Unified Tax system
- Unified tax systems aim to replace and consolidate multiple existing taxes, reducing complexity and compliance burdens.
- Tax laws from different jurisdictions or levels of government are harmonized to create a consistent and standardized tax framework.
- The unified system often adopts a common tax base for various transactions, making it easier to apply and understand.
Integrated GST (IGST)
- IGST is applicable to the supply of goods and services between different states in India.
- IGST is collected by the central government, and the revenue is shared with the destination state.
- The rate of IGST is typically equal to the total of CGST and SGST rates applicable to an intra-state transaction.
Destination-Based Consumption Tax
- This tax is levied at the place where goods or services are consumed, not where they are produced.
- It shifts the tax burden from the origin (production) to the destination (consumption) of goods and services.
- Seen as fair, as the tax is paid by those who benefit from the consumption of goods or services.
E-way Bill
- E-Way Bill is an electronic document generated for the movement of goods worth over a specified value.
- Required for both inter-state and intra-state movement of goods, ensuring uniformity in documentation.
- E-Way Bill is mandatory for the movement of goods exceeding a specified value, which varies between states.