Top Chartered Accountants trained LPU Students on Practical Aspects of GST

5 Dariya News

Jalandhar 24-Jan-2020

Top three Chartered Accountants reached LPU, today, 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 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 a manufacture to final sale to the consumer. They explained it through different  steps involved like purchase of raw materials; production; warehousing of finished goods; sale to 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 the Punjab and are sold to the final consumer in Karnataka. The entire tax  revenue will go to Karnataka and not the 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.