In this course, you will build upon your knowledge on the concept of ‘supply’ covered in the first course. Once a transaction is identified as ‘supply’, it is important to determine when, where and on whom GST will apply. Equally important is the computation of the value on which the GST is to be applied.
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This course provides a platform for learners planning to launch their careers in tax or sharpen their skills with the technical understanding of GST law in India. This program is industry agnostic and is relevant for anyone looking to acquire basic knowledge of GST. It will provide you with the skills required for entry level jobs in the fields of finance, tax, or law.
By the end of this course, you will:
- Be able to identify where the supply should be taxed
- Know when GST needs to be paid
- Understand how much GST needs to be paid
- Understand who needs to pay the GST.
Course 2 of 7 in the PwC GST Taxation Executive Professional Certificate.
What You Will Learn
- Identify the place of supply of a transaction, thereby pinpointing where the supply should be taxed.
- Determine the time of supply of a transaction, thereby identifying when the tax needs to be paid.
- Compute the value of the transaction on which tax needs to be paid.
- Identify who is required to pay the tax, either under forward charge or reverse charge.
Syllabus
WEEK 1
Identifying the place of supply of goods or services
Goods and services are taxed at the place where they are consumed and not at their place of origin. In this module, we shall explain how to identify the place of consumption of goods and services by interpreting the provisions relating to the place of supply.
WEEK 2
Determining the time of supply of goods or services
Determining the time of supply is essential for the payment of tax. It is also important, as other provisions relating to valuation and rate of tax will apply based on such date. In this module, we shall explain how to determine the time of supply of goods and that of services.
WEEK 3
Computing the value of supply
Tax is payable as a percentage of the value of the supply of goods or services. Therefore, it is important to calculate the value on which tax is to be paid. In this module, we shall explain the rules to determine the value of a supply and the associated inclusions and exclusions. We shall also discuss the treatment of free-of-cost supplies and discounts. We shall then examine the rules to be applied for the valuation of transaction between related parties.
WEEK 4
Discharging tax under reverse charge
Generally, GST is payable by the supplier of goods or services. However, in specific cases, this liability is on the recipient under the reverse charge mechanism. In this module, we shall appreciate the purpose of the introduction of the reverse charge mechanism and identify those transactions where GST is required to be paid under the reverse charge.
