A detailed chapter on the Goods and Services Tax (GST) will be introduced as a part of the Class XI accountancy syllabus for commerce stream students across Goa, according to a report in the Times of India.
Ramkrishna Samant, chairman of the Goa Board of Secondary and Higher Secondary Education (GBSHSE) has directed all affiliated institutes offering the commerce stream to students in higher education to introduce the new module from the academic year 2020-21.
According to Samant, the new chapter will help students understand the newly-introduced tax reform.
“GST is a landmark reform which has made affected the taxation system of India. It is an indirect tax levied on the supply of Goods and Services. GST replaced multiple taxes levied by state governments and the central government. It has brought us to ‘one nation one tax regime’,” the module that is to be implemented by higher secondary schools says.
A circular issued on January 3 informed higher secondary schools of the decision.
According to the report in the national daily, GBSHSE has told institutes that the new module on GST will help students understand the tax’s meaning, the various indirect taxes merged under it, the objectives and advantages of the tax and the various slabs under its structure. It will also help students learn the “accounting procedure for GST”, the board said.
The new module also states that the benefit of GST is that all taxes – excise, VAT, CST and service tax – are subsumed into one and that there would be only three accounts, SGST, CGST, and IGST. The module also states that the tax administration between the states and the Union government, under the GST, is easy to manage and ensures smooth functioning.
“GST taxes will be paid only at the point of consumption so there is transparency,” the chapter reads. “Tax system becomes regular and certain. It removes the cascading effect, ie, no tax on tax even if goods move across state borders. Under GST, the tax is calculated on the value added at each stage of transfer of ownership. This helps in reducing the cost of goods to the consumers.”
GST was launched by the Centre on July 1, 2017, aimed to replace over a dozen federal and state taxes. However, since its launch, the elaborate tax system has been beset by problems stemming from its complex structure.
Ramkrishna Samant, chairman of the Goa Board of Secondary and Higher Secondary Education (GBSHSE) has directed all affiliated institutes offering the commerce stream to students in higher education to introduce the new module from the academic year 2020-21.
According to Samant, the new chapter will help students understand the newly-introduced tax reform.
“GST is a landmark reform which has made affected the taxation system of India. It is an indirect tax levied on the supply of Goods and Services. GST replaced multiple taxes levied by state governments and the central government. It has brought us to ‘one nation one tax regime’,” the module that is to be implemented by higher secondary schools says.
A circular issued on January 3 informed higher secondary schools of the decision.
According to the report in the national daily, GBSHSE has told institutes that the new module on GST will help students understand the tax’s meaning, the various indirect taxes merged under it, the objectives and advantages of the tax and the various slabs under its structure. It will also help students learn the “accounting procedure for GST”, the board said.
The new module also states that the benefit of GST is that all taxes – excise, VAT, CST and service tax – are subsumed into one and that there would be only three accounts, SGST, CGST, and IGST. The module also states that the tax administration between the states and the Union government, under the GST, is easy to manage and ensures smooth functioning.
“GST taxes will be paid only at the point of consumption so there is transparency,” the chapter reads. “Tax system becomes regular and certain. It removes the cascading effect, ie, no tax on tax even if goods move across state borders. Under GST, the tax is calculated on the value added at each stage of transfer of ownership. This helps in reducing the cost of goods to the consumers.”
GST was launched by the Centre on July 1, 2017, aimed to replace over a dozen federal and state taxes. However, since its launch, the elaborate tax system has been beset by problems stemming from its complex structure.
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