GST Certification Course by Lucknow University (Complete Details)
In July 2017, Prime Minister Narendra Modi announced GST i.e., Goods and Services Tax. It was done to avoid tax evasion as well as double taxation. Lucknow University was one of the pioneers in launching a GST Certification course in the state of Uttar Pradesh. The GST Course by Lucknow University was aimed to create GST literate professionals. The best part about the GST Certification course by Lucknow University is that it not only covers the theoretical aspects but also covers the practical application. As a result of this, by the time a student is done with the GST Certification course, he would have good hands-on experience on GST.
Before we delve into the details of the GST certification course by Lucknow University and a brief history of Lucknow University which will surely compel you to enrol for the course, let’s get a thorough understanding of GST as regards its meaning, the reason for implementation, types of GST, eligibility, GST procedures, rates, calculation, etc.
What is GST?
GST stands for Goods and Services Tax. It is an Indirect tax that customers have to bear on the purchase of any goods or services such as travel, food, clothes, electronics, etc. The tax is usually added to the cost of goods. So, to sum it up the price we pay for any goods or services is inclusive of GST and hence even if you are not a taxpayer, indirectly you do land up paying tax to the government. This is a mechanism the government has adopted to collect tax from people who otherwise do not pay tax. It is a replacement of various taxes such as VAT, Service tax, etc. The salient feature of this tax system is that it does not have a cascading effect. Also, GST is uniform throughout the country.
Since it is such an important tax reform, a thorough knowledge of GST is very essential. Keeping this in mind, the GST certification course by Lucknow University has been introduced.
When was GST levied?
The concept of introducing GST was proposed by the Atal Bihari Vajpayee government almost around 20 years ago. However, the launching of the tax got delayed as it had several practical hurdles such as amendment of the constitution and two-thirds majority in the Parliament. Finally, it was introduced by Prime Minister Narendra Modi on the midnight of July 1, 2017.
Why was GST levied?
The driving force for the implementation of GST by the Narendra Modi government can be listed as follows: –
- To economize on the tax impact to the final buyer on the purchase of goods and services.
- To remove the cascading effect of the tax.
- It benefits the manufacturer as he can avoid paying tax twice i.e.when he purchases his inputs and when he sells the final product.
- It streamlines the unorganized sector
- Logistics are easier to manage.
- Eliminates complexities of taxes between the Manufacturing and Sales Process.
- GST has the facility for Online filing of Returns.
Types of GST in India
- CGST is levied on intra-state transactions and collected by the centre
- SGST is levied on intra-state transactions as well but collected by the state.
- IGST is levied on inter-state goods/services transactions.
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Who is eligible for GST?
All businesses whose turnover exceeds Rs. 40 lakhs are required to register as a traditional taxable person as announced by our PM Narendra Modi. This process of registration is called GST registration. The threshold limit is different if your business is in north-eastern states, J&K, Himachal Pradesh, and Uttarakhand i.e. it is Rs. 10 lakh.
The turnover limit is Rs 20 lakh for special category States and Rs 10 lakh for the service providers.
For some businesses, registration under GST is mandatory irrespective of the turnover.
Here is a list of businesses for which GST registration is mandatory irrespective of their turnover:
- A casual taxable person or any Input Service Distributor (ISD)
- Non-resident taxable person
- Inter-state supplier of goods and services
- Supplier of goods through an e-commerce portal
- Any service provider
- Those businesses who are liable to pay tax under the reverse charge mechanism
- TDS deductor
- Online data access or retrieval service provider
Also, there are some Goods and Services which are not eligible for Input Tax Credit.
Who is GST paid by?
The goods and services tax (GST) is a value-added, indirect tax levied on most goods and services sold for domestic consumption. GST is in borne by consumers, but it is ultimately paid to the government by the businesses selling the goods and services.
How to calculate GST?
GST calculation is no rocket science. Since it is newly implemented it just needs to be understood. It is very simple.
Let’s get an explanation of this with the help of some simple illustrations :
If a particular set of goods or services are sold at Rs. 1,000 and the GST rate applicable is 12%, then how do we calculate GST?
It will be = 1,000+ (1,000X(12/100)) = 1,000+120 = Rs. 1,120, were the GST component is 120.
Similarly, If a particular set of goods or services are sold at Rs. 1,000 and the GST rate applicable is say for example 28%, then how do we calculate GST?
It will be = 1,000+ (1,000X(28/100)) = 1,000+280 = Rs. 1,280, were the GST component is 280.
So, you see it’s so easy. However, if you find this too complicated too, click on the link to calculate the pre-GST amount. Click here GST calculator.
Rates of GST
The GST council has levied a different tax rate for different goods and services.
The GST council has accommodated around 1300 goods and 500 services under the following tax slabs:-
- 5% tax slab.
- 12% tax slab
- 18% tax slab
- 28% tax slab
- Tax on gold is kept at 3%.
- Rough precious and semi-precious stones are put at a special GST rate of 0.25%
Click here to get a complete table on GST rates.
Products exempt from GST
Under Section 2(47) of CGST Act 2017, an exempt supply of goods or services means:
- Goods that attract a nil tax rate
- Goods that are wholly exempt from tax.
The following foods are exempt from GST. They are exempt for socio-economic reasons i.e to make it more affordable to the common man. To list a few exempt goods:
- Food such as fruits and vegetables, cereals, meat and fish, potatoes, tender coconut, tea leaves, ginger, jaggery, coffee beans, turmeric, milk, curd, etc.
- Raw materials.
- Tools/Instruments. etc.
Items not Covered under GST
- Services offered by an employee to the employer related to his employment.
- Court or Tribunal Services including District Court, High Court, and Supreme Court.
- Services offered for the funeral, burial, or crematorium including transportation of the body.
- Sale of building and sale of land etc.
What are the documents required for GST registration?
Following are the documents that you need to keep ready for registering your business under GST:
- Permanent Account Number (PAN) of the applicant
- Copy of your Aadhaar card
- Proof of business registration or incorporation certificate
- Identity and address proof
- Bank account statement/cancelled cheque
- Authorization letter/board resolution for authorized signatory
- Digital signature
What are the different types of GST registrations?
1. Normal taxpayers
This is the most common category of GST registration in India. The Businesses whose turnover exceeds Rs 40 lakh in a particular financial year register as normal taxpayers. The threshold limit is different for businesses in north-eastern states, J&K, Himachal Pradesh, and Uttarakhand i.e. Rs.10 lakhs.
2. Casual taxable individual
Seasonal businesses usually register their businesses under this category. Businesses need to make a deposit equal to the GST liability from the seasonal operations. The period for registration is 3 months. Here, applications can be made for renewals and extensions.
3. Non-resident taxable individual
People who live outside India but supply goods or services as agents or principals, to Indian residents, file for registration under this category. The normal tenure is 3 months which can be extended if required.
4. Composition registration
Businesses that have an annual turnover of up to Rs 1 crore register under this scheme. On registration, businesses have to pay a fixed amount of GST irrespective of what their actual turnover is.
What Is The Procedure For GST Registration
The procedure to obtain a GST registration is given below:
Visit the GST portal and fill the GST registration form. Enter all the details asked for meticulously such as :
- Name of the business
- PAN Number
- State in which GST registration is required
- Email id
- Mobile number etc.
On verification, you will receive a Temporary Reference Number (TRN) on your registered email address and mobile number. In the TRN field, enter the TRN generated. Once done on the top of the page, a registration application form with 10 tabs open.
Click on each tab and enter the details asked for like :
- Business details
- Promoter or partner details
- Name of authorized signatory
- Principal & additional place of business
- Details of goods & services
- Aadhaar authentication
After you have submitted this, you will receive an Application Reference Number (ARN) via email or SMS. This is for the confirmation of your registration.
What are the benefits of registering under GST?
Normal registered businesses the advantage is :
- They can operate without any restrictions in different states
- ·They can avail input tax credit thereby avoiding double taxation
- Working capital is not impacted much
- Compliance is limited
- Lesser tax liability
For businesses that voluntarily opt-in for GST registration
- They can operate their business without restrictions in different states
- They can avail input tax credit
- They will have a competitive advantage
Advantages of Introduction of GST in India
1. It eliminates the cascading effect of taxes as tax is not to be paid at every stage for the entire value of goods or services.
2. All laws, procedures, and rates of tax are in tandem and don’t conflict with each other or there is no double taxation. It is more economical, especially for exports.
3. This avoidance of double taxation thereby makes our products extra competitive especially in the international market and provides an uplift to Indian Exports.
4. It improves the final investment climate.
5. The tax burden on companies will come down due to which there will be a cut in prices. Lower prices mean more consumption and more GDP which will benefit both the country as well as the consumers.
6. The obvious result of this is more production which in turn means an expansion of industries
7. This tax system ensures better compliance and monitoring of tax payments and will improve the compliance as all returns are to be filed online.
8. Input credits are verified online, which results in timelines to be followed for necessary activities.
9. Getting registration done, refunds, filing returns, etc. is done with extra transparency and economic compliance.
10. The growth in Gross domestic product benefits not only the Centre, states, and industrialists but also the common person, and thus the country as a whole.
As discussed above, GST has various dimensions to it. The GST certification course by Lucknow University tries to cover all these aspects in its 6-month course. Over and above covering the above mentioned minute details of GST, the GST certification course by Lucknow University also covers the practical aspects of GST and its usage in day to day life.
History Of Lucknow University
Raja Sir Mohammad Ali Mohammad Khan, Khan Bahadur, K.C.I.E., first proposed the idea of starting Lucknow University. After a while, Sir Harcourt Butler, K.C.S.I., K.C.I.E, was appointed Lieutenant-Governor, and his interest in education added fuel to the proposal to start a university. A General Committee of educationists was appointed and they met in a conference at the Government House, Lucknow, on November 10, 1919. Here, Sir Harcourt Butler, who was chairing the conference, gave a brief outline for the new university.
After subsequent discussions, it was decided that Lucknow University will be a Unitary Teaching and Residential University should consist of Arts, Science, Medicine, Law, etc. At the end of the Conference donations of Rupees, one lakh each from the Rajas of Mahmudabad and Jahangirabad were declared.
The Court of the University was constituted in March 1921 and the other University authorities came into existence in August and September 1921. Arts, Science, Commerce, and Law lectures were being done in the Canning College and that of Medicine in the King George’s Medical College and Hospital. Later, Canning College was officially handed over to the University on July 1, 1922.
The King George’s Medical College and King George’s Hospital were transferred by the Government to Lucknow University on March 1, 1921. This is the story of the birth of Lucknow University. Since then Lucknow University has endeavoured to provide a world-class education to its students by introducing new courses and constantly updating its curriculum in line with the need of the hour. GST certification course by Lucknow University is one such course which was introduced by Lucknow University keeping dynamism in mind.
The GST certification course by Lucknow university tries to cover all such aspects about GST as may be required by a GST practitioner.
GST Certification Course By Lucknow University …… An Overview.
The GST certification is an all-embracing and broad guide to the Goods and Service Tax regulations.
Lucknow University was the first in the state of Uttar Pradesh to take the initiative of starting a GST Certification course. The commerce faculty initiated the course. It is a six-month course and is a 4 credit course. Out of the 4 credits, 2 credits are for theory and 2 credits are for training. The practical aspects of Good and Service Tax (GST) include registration, filing of returns, in-depth accounting, and recording of GST transactions. So, Broadly speaking the course would cover:-
- The basic concept of GST as a single and uniform Indirect Tax on goods and service
- Difference between Goods and Services registration for GST-Procedure
- Types of GST returns
- Types of GST Invoice and the mandatory requirement for their format
- Procedure for the transition to GST system from the earlier indirect tax system
- GST composition scheme
- GST Account
- Procedure for GST Assessment
- GST rates and HSN code
- types of Assessment under GST
- Procedure for availing ITC
Reasons for the introduction of GST certification course by Lucknow University…..
One of the main reasons to introduce a GST certification course was to make everyone aware of GST, its implications, and its structure. The main aim of the GST certification course by Lucknow University is to make GST trained Professionals.
Also, GST has a huge impact on the common citizens of India and hence it is very important to make sure each citizen is well aware of the entire system of GST.
“It is ultimately the common man who is affected by the implementation of any new tax. The common man has to understand and get ready for the implications. The common man includes not only the final consumer of goods but all the small traders and service providers who will be affected by the GST,” said Mr Pandey.
Who will GST Certification Course By Lucknow University benefit?
The course will benefit Aspiring Chartered Accountants or Chartered Accountants, Company Secretary, Indian Administrative service aspirants, Institute of Cost and Works Accountant of India, LLB practitioners, GST practitioners, Tax professionals, Businessmen, Students who want to upgrade their knowledge, and a general citizen or taxpayer.
Every Indian Citizen needs to know the A to Z of GST as he is the one who is paying the tax. So irrespective of your profession, paying tax in some form is inevitable. The best you can do is keep yourself abreast of the latest tax reforms so that you are not cheated or you don’t over or underpay the tax.
Other Institutes that conduct GST certification courses
Besides Lucknow University, this is a list of a few other universities that conduct GST certification courses. Here are a few of them:-
Henry Harvin education
- It is a 32-hour course and offers one-year membership of its finance academy along with the certification.
Institute of Chartered Accountants
- It is a 10-day course and offers a total of 30 hours of CPE. The course fees areINR 14000/-
MSME GST certification course by ISEL global.
- It is a 10 module course and its fee is INR 7600/-
Clear Tax Learning
- Clear tax learning aims towards educating India on GST.
- The online course is provided through Udemy.
- 8 hours of interactive on-demand video content.
They offer three courses:
- Complete GST Course & Certification … Course fees of Rs.3600/-
- New GST e-learning certification by Clear Tax… Course fees Rs. 4800/-
- Complete GST Course For Small and Medium Enterprises .. course fees Rs. 4800/-
Udemy GST Certification Course
· It has 42 hours of on-demand video and its course fees are Rs. 4800/-
GST Certification Course by Tax Guru
Tax guru conducts classes on GST Certification Courses at a fee of Rs. 10000/-. It is an online course. CA Raman Singla is the program designer. There is an online exam after which you get a certificate.
Besides these, there are a few more institutes that conduct GST certification courses like: –
- Vskills GST certification course:
- GST Certification Course by GST indiaexpert.com
- GST certification course by Training central.
- Why Choose GST Certification Course by Lucknow University
There are several courses for GST certification. However, the GST certification course by Lucknow University stands out in a few ways viz. It is a 6-month long intensive course. The GST certification course by Lucknow University is integrated with the commerce wing of the university and gets the advantage of all the learned professors at the University. Besides, it not only covers the theoretical part but also covers the practical aspects.
With the introduction of GST, the Tax administration will be transparent will eliminate the shortcomings of the supply chain due to the multi-layered policies. GST not only poses advantages to investors or businesses but also final consumers. Although critics argue about the feasibility of GST, we should keep in mind the larger and broader picture. Also, no change is perfect at the first shot, it needs to get evolved. The best thing for us to do is accept it, support it and get GST literate by enrolling for a good GST certification course like the GST certification course by Lucknow University.
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