GST is now a reality. It is one of the world’s biggest tax reforms in one of the world’s largest economies.

Once implemented, GST will have a deep impact on our economy. New business models Supply chain models will emerge. Companies prepared for GST will reap profits.

The Constitution Amendment Bill for Goods and Services Tax (GST) has been approved by The President of India post its passage in the Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) and ratification by more than 50 percent of state legislatures. The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by April 2017

With GST, it is anticipated that the tax base will be comprehensive, as virtually all goods and services will be taxable, with minimum exemptions.

Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be substantial and may require proactive planning with a time-bound action plan.

In order to prepare for the implementation of GST, companies need to understand GST policy development and its implications for scenario planning and transition roadmap preparation.

GST the game changer: GST will be a game changing reform for Indian economy by developing a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the Tax Structure, Tax Incidence, Tax Computation, Tax Payment, Compliance, Credit Utilization and Reporting leading to a complete overhaul of the current indirect tax system.

Course Content :

Session 1: Overview of Proposed GST – Concept Session

Present & Proposed ( GST ) Indirect System in India

GST Structure / Design – S GST , C GST & IGST

Concept of Destination based Consumption Tax

How the GST System would operate in a Company ?

GST Business Models , Compliance system , Input Tax Credits

Smooth flow of GST Credits , Exporters & GST

Transitory Provisions

FAQs

Role of GST Council

Question – Answers

Session 2: Draft – Model GST Law & Important Provisions

GST in India History & Background

Key Changes in Definitions , Tax Liability Provisions , Place of Supply Rules , Time of Supply

Valuations , Compliance Processes – Registration , Returns , Payments and Refunds

Assessments & Audits

Transitional Provisions

Taxation of Specific transactions like Works Contract , Job Works , Inter unit Transfers etc.

GST Tax Invoice & Its Importance

Input Tax Credit

Question – Answers

Session 3: GST Compliance ( Registration , Returns , Payments & Refunds )

Highlights of GST Registration Process

Highlights of GST Return Process

Highlights of GST Payment Process

Highlights of GST Refund Process

Question – Answers

Session 4: Readiness / Implementation of GST System in a Company

Key Areas of GST Readiness – Approach & Time bound Action Plan

Key Business Areas – Sourcing – SCM , Savings on Costs , Marketing , Logistics , Pricing

IT Infrastructure for GST Compliance and GST Credits

GST Education / Training to Inside & External Personnel ( Vendors & Dealers )

GST Internal Department

State wise GST Compliance – Manpower , Training , Accounting and Record Maintenance

Checklist – Date wise targets for GST Implementation Team

The information on these issues are yet to receive from the Governments .

Implementation of GST

Question – Answers