Top three Chartered Accountants visited LPU where they trained LPU Students of MBA, Commerce, Law and even technology domains on various theoretical and practical aspects of GST (Goods & Services Tax). Occasion was an organization of two-day workshop on ‘Theoretical and Practical Aspects of GST’ held by Human Resource Development Centre at LPU. For this, resource persons were from the Institute of Chartered Accountants of India (ICAI); Chartered Accountants Association; and, Northern India Regional Council (NIRC) of ICAI.
General Secretary of CA Association CA Ashwani Jindal; Vice-Chairman of ICAI-Jalandhar Branch CA Piyush Bansal; and, Treasurer of Jalandhar Branch of NIRC (ICAI) CA Sonia touched the important aspects in six sessions. Topics elaborated in six-sessions were “Levy and Collection; Time and Place of Supply; Provisions and issues on valuation under GST; Claiming Input Tax Credit (ITC); Records, Reverse Charge, E way Bills; and, Filing GST Returns, Post Training Evaluation.
LPU students were informed that GST is an Indirect Tax which has replaced many Indirect Taxes in India. In fact, there are multiple change-of-hands when an item goes through along its supply chain- from manufacture to final sale to the consumer. They explained it through different steps involved like the purchase of raw materials; production; warehousing of finished goods; sale to the wholesaler; to the retailer, and, to the end consumer. GST is levied on each of these stages.
They also explained that GST is destination-based. Suppose goods are manufactured in Punjab and are sold to the final consumer in Karnataka. The entire tax revenue will go to Karnataka and not Punjab, as GST is levied at the point of consumption. Explaining about the components of GST they told about 3 taxes- CGST (Collected by the Central Government on an intra-state sale); SGST (Collected by the State Government on an intra-state sale); and, IGST (Collected by the Central Government for inter-state sale). MBA students Aman Jiwani and Rahul Roy, respectively from Hyderabad and Patna, and of “Retail & Marketing Management’ and ‘Finance Marketing & Analytics’ shared the workshop proved very educative and informative for all the participants.