Guest Lecturer on “Accounting Implication of GST”

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Institute of Technology & Science (I.T.S), Ghaziabad has organized a Guest Lecturer on “Accounting Implication of GST” on 25th January, 2022. The guest lecture was organized as a part of industry delivery in the course of Financial Accounting and Analysis for the students of MBA 1stYear (2021-23 Batch).

Month Of Events:

Jan

Date Of Events:

Year Of Events:

2022

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Full Date Of Event:

Tuesday, January 25, 2022

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The lecture was started with welcoming of Guest by Dr Nitin Saxena, Assistant Professor of Finance, in the department of management, I.T.S, Ghaziabad.

The key resource person for the occasion was CA (Dr) Ajay Sharma. Dr Sharma is a fellow member of Institute of Chartered Accountants of India and a Ph.D in Commerce as well. He has been a rank holder in the Chartered Accountancy examination. He has been into practice since 1998 with expertise on direct taxation, indirect taxation, audit, reporting standards and various other management consultancy assignments.

Dr Sharmaenlightened the students about Goods and services tax (GST). He talked about CGST, SGST, and IGST, relevance and uses of GST.He said GST is a multi-stage tax system which is comprehensive in nature and applied on the sale of goods and services. The main aim of this taxation system is to curb the cascading effect of other Indirect taxes and it is applicable throughout India.

He saidInput tax is not allowed for goods and services for personal use. No input tax credit shall be allowed after GST return has been filed for September following the end of the financial year to which such invoice pertains or filing of relevant annual return, whichever is earlier.

He talked on the GST rate slabs are decided by the GST Council. The GST Council revises the rate slab of goods and services periodically. The GST rates are usually high for luxury supplies and low for essential needs. In India GST rate for various goods and services is divided into four slabs: they are 5% GST, 12% GST, 18% GST, & 28% GST.

He said separate set of accounts had to be maintained for excise, VAT, CST and service tax. Moreover, the input tax credit could not be claimed between Centre imposed taxes and State imposed taxes. Therefore, there were many ledger accounts needed. However, GST has been able to do away with the need for multiple ledger accounts, keeping it to a few.

After this fruitful discussion he also took a round of questions from the students. Dr. Sharma patiently answered all the questions, explaining each fully to the satisfaction of the students.

At the end of the session, Dr. Vinay Kumar Srivastava, Associate Professor, I.T.S Ghaziabad put on record his concluding remarks and presented a plaque to the guest as a token of gratitude and remembrance.