Goods and Service Tax is an indirect tax employed by the Government of India proposed under the value added tax on manufacturing, sales and consumptions of goods and services at national level. It consists of several aspects that include registration, time and value of supply, assessment and input, payment of tax, refunds, etc. Every tax professional must have adequate knowledge of all types of taxes in India, including GST, and in order to become a successful tax professional who could evaluate and calculate GST of business companies on a national level, GST practical training is incredibly necessary.
Every business venture wants to recruit a tax professional who is trained and certified from a well established training institute and possess immense skills and experience regarding tax processing in India. He or she must be aware of all kinds of taxes and how to analyze them ahead of any business deal, which would help the company to determine the exact profit of their deal. However, since taxation is one of the most important and complex aspects of business, it requires a great deal of dedication and hard work to learn all the concepts. However, Goods and service tax practical training comes in very handy where the student is able to learn all the specific requirements of being a tax professional from highly skilled and experienced instructors.
Goods and Service tax practical training courses in Delhi are considered as the best in India. But while, there are several Goods and Service tax practical training courses, only a few are worthwhile for the time and money spent. Here we will consider a typical goods and service tax practical training course in Delhi and describe its various modules.
First, there is a module called basic GST overview of Model GST law. It includes various topics like principles, definitions, impact of GST, benefits / demerits and FAQ.
After that comes another module is GST registration under Model GST law. It consists of topics like registration structure under the GST, a person required to be registered, the process of registration, amendment in registration, cancellation in registration, acknowledgment, certificate and FAQ respectively.
Next, there is a module called returns under GST section, which is very crucial for both the company and the customers. There are various topics like definition and important notes to return, types of returns, notice to return defaulters, levy of late fee, tax return Preparer and various return forms respectively.
Later in the course, refunds of GST will be taught to the candidates which allows the user to evaluate and calculate possible refunds for goods and service tax. The various subjects included in it are refund of tax, interest on delayed refunds, consumer welfare fund, consumer welfare fund, utilization of fund and pending of refund claims respectively.
Another module that comes after that in the Goods and Service Tax Practical Training Course is presently known as electronic commerce in GST. It consists of definitions, collect of tax at source.
Further, the candidates will learn about job work and composition levy in GST that is progressed by advanced topics consisting of payment of tax, tax invoices, input tax credit, time and value of supply, scope of supply, place of supply and transitional provisions.
After this, the Income tax module is present having terminology, incidence of income tax, residential status like RNOR, ROR.
Then inside income under various heads module, there is income under head computation theoretically and by utility (allowances, retirement benefit). Next, there is income under head house property, followed by income under head PGBP. Also, there is tax audit online reporting, presumptive taxation, income under capital gain and income from other sources.
Then we have another module known as deduction of income, followed by assessments of income. It consists of assessment of individual, assessment of partnership firm, an assessment of the company, MAT, AMT respectively.
At last, inside various provisions module, there are topics like clubbing of income, agriculture income, advance tax, interest respectively.
GST (Goods and Service tax) practical courses in Delhi are usually of three months duration and range from thirty to ninety days respectively. The fees for the course ranges from eleven thousand only to twenty two thousand respectively plus service taxes. It is to be kept in mind that, the quality of instruction and real time practical exposure greatly enhance the employability of the student. This article provides a general overview of goods and service tax practical training courses in Delhi, including its entire features, its advantages and the costs and the duration involved for prospective candidates to make the correct decision.