GST, if applicable, can be paid in cash or through the utilization of input tax credit, also commonly known as ITC. In this course, you will learn about the concept of the input tax credit, conditions , and restrictions on availing and utilizing ITC, legal requirements and procedures for reconciliation of ITC , and the concept of distribution of ITC. Input tax credits, along with valuations, play an important role in the pricing of goods and services.
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:
– Know what is input tax credit and the conditions for availing of such credit
– Learn about the restrictions on the availment of credit and understand when credit needs to be reversed
– Know the legal requirement for performing reconciliation of purchase records and the detailed process for the same
– Identify the practical challenges one may face while performing the reconciliations
– Understand the concept of input service distributor, as well as, when and how it needs to be applied.