Hi B.Com. Students, I am sharing brief and concise lecture notes on the B.Com. First Year subject - Goods & Services Tax (GST). Goods & Services Tax (GST) is mostly taught as part of the B.Com. 1st Year course and these PDF lecture notes will help prepare well for your BCom semester exams.
The major topics covered in these B.Com. First Year lecture notes and eBook of Goods & Services Tax (GST) are:
The major topics covered in these B.Com. First Year lecture notes and eBook of Goods & Services Tax (GST) are:
- UNIT – I Meaning and features of goods an Service Tax (GST) Background, Necessity and implementation of -GST. Favourable impacts and difficulties of GST.
- UNIT II - Important terms and definitions - Business, place of business, Composite supply, Goods, Input goods and Input service, Input tax, Exempt supply, Gross Turnover, Capital goods, Tax invoice, Electronic cash ledger, Electronic Credit Ledger, Inward Supply, Outward Supply, Person, Supplier, Jobwork, Reverse Charge, Recipient
- UNIT – III Meaning and scope of Supply, Tax Liability on composite and mixed supplies. Levy and Collection of Tax. Registration under GST. Persons Liable I not liable for registration. Compulsory registration; process for registration, Issue of Registration Number (GSTIN). Amendment and Cancellation’ of Registration.
- UNIT – IV List of exempt goods under GST. Time and place of supply of goods and services Determination of value of Taxable supply. Preparation of Tax invoice-rules, proforma and practical problems.
- Unit V - Composition Levy - Persons eligible to opt composition, Conditions and restriction for composition. Rate tax of the composition levy and rules regarding Return Practical Problems relating to composting levy.
- UNIT – VI Rules, Provisions and procedure for Input Tax Credit. Provisions regarding Job-work. Classification of taxable goods and Services at the basis of tax rates.
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