GST - Claiming refunds and other concepts from Coursera

In this course, you will learn about some other key concepts under GST. All taxpayers may not apply these concepts, but the concepts are nonetheless integral to the understanding and application of GST. You will first understand the concept of zero-rated supply and identify the different types of supplies that are taxable but have zero GST rate. Next, you will learn about refunds, their applicability, and the process of claiming GST refunds from tax authorities. Finally, you will learn about job work and the associated GST compliances.

This course provides a platform for learners planning to launch their careers in the field of GST-related compliance in India. Learners already undertaking GST compliances may also upskill themselves with the technical skills imparted under this course. 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 a zero-rated supply and the different types of supplies that are zero-rated

- The objective behind classifying some supplies as zero-rated supplies

- The types of refunds and various situations when a refund is allowed under the GST law in India

- The process of obtaining GST refund, computation of refunds, and the documents required

- The concept of job work, responsibilities of a job worker and the principal, and the compliances required to be undertaken.

What's inside

Syllabus

Interpreting zero-rated supplies

A zero-rated supply is a taxable supply with the tax rate applied being zero. In this module, you will learn the different types of supplies which are zero-rated, namely export of goods, export of services and supplies to SEZ. You will also learn the principles governing the need for zero rating and the objective behind classifying these supplies as zero-rated supplies.

All about refunds

The GST law has made it possible to obtain refunds simply through a standardised process for filing a refund claim. Every claim should be filed online in a standardised form. The application is forwarded to the proper officer who is required to scrutinise the application in a time-bound manner. In this module, you will learn the types of refunds allowed under the GST law along with the procedures and documents required for filing refund applications. You will also gain insights on the practical aspects of filing refund claims.

Working with a job worker

A job worker is a person who undertakes a treatment or a process on goods belonging to another person, i.e. the principal. The concept of job work is important because the GST law mandates that in case of a job work, the principal manufacturer is responsible for compliances on behalf of the job worker on goods processed by such job worker. In this module, we shall discuss the concept of job work, understand the responsibilities of a job worker and the principal, and describe the compliances to be undertaken by a job worker.

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Provides a platform for learners seeking to start their GST-related compliance careers in India

Imparts technical skills relevant for entry-level finance, tax, or law positions

Builds knowledge of India's Goods and Service Tax (GST) for those who wish to enhance their GST compliance capabilities

Covers core concepts like zero-rated supplies, refunds, and job work, which are integral to GST understanding and application

Suitable for learners with no prior GST knowledge, providing a solid foundation for beginners

This course is industry agnostic, catering to a wide range of learners interested in GST basics

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in GST - Claiming refunds and other concepts with these activities:

Review Indian taxation system

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The course assumes an understanding of the Indian taxation system. Refreshing your knowledge on this topic will help you better understand the concepts of GST.

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Read through the Income Tax Act, 1961
Refer to textbooks and articles on Indian taxation
Solve practice problems and previous year question papers

Follow online tutorials on GST concepts

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Online tutorials can provide additional clarity and reinforcement of the concepts covered in the course.

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Search for reputable sources offering GST tutorials
Select tutorials that cover the specific topics you need to understand
Follow the instructions and complete the exercises provided in the tutorials

Complete mock GST returns

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Preparing mock GST returns will provide you with hands-on experience in applying GST concepts.

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Gather necessary documents and information, such as invoices, bank statements, and purchase orders
Choose a GST return filing software or portal
Enter the required data and calculate the GST liability
File the GST return online

Three other activities

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Solve GST Calculation Problems

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Reinforce understanding of GST calculations and improve accuracy in applying GST rates and rules.

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Identify Applicable GST Rates
Calculate Taxable Value
Apply GST Rates
Interpret GST Invoices
Prepare GST Returns

Assist with Tax Compliance

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Gain practical experience and deepen understanding of GST by volunteering at a tax advisory firm or assisting with GST audits.

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Identify Volunteer Opportunities
Prepare for the Role
Assist with GST Compliance
Reflect on Experience

Develop a GST Compliance Plan

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Apply knowledge of GST to a real-world scenario by developing a comprehensive GST compliance plan for a hypothetical business.

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Identify Business Requirements
Research GST Regulations
Develop Compliance Plan
Review and Finalize

Career center

Learners who complete GST - Claiming refunds and other concepts will develop knowledge and skills that may be useful to these careers:

GST Consultant

GST Consultants are responsible for advising clients on how to comply with the Goods and Services Tax (GST). This course can help you develop the skills and knowledge you need to succeed as a GST Consultant. You will learn about the different provisions of the GST law, how to file GST returns, and how to advise clients on GST matters.

See salaries and explore the career path for GST Consultant

Tax Accountant

Tax Accountants are responsible for preparing tax returns, advising clients on tax matters, and representing clients before tax authorities. This course can help you develop the skills and knowledge you need to succeed as a Tax Accountant. You will learn about the different types of taxes, how to prepare tax returns, and how to represent clients before tax authorities. This course will also help you develop the analytical and problem-solving skills that are essential for success in this field.

See salaries and explore the career path for Tax Accountant

Tax Manager

Tax Managers are responsible for overseeing the tax functions of a company. They are responsible for preparing tax returns, advising the company on tax matters, and representing the company before tax authorities. This course can help you develop the skills and knowledge you need to succeed as a Tax Manager. You will learn about the different types of taxes, how to prepare tax returns, and how to represent clients before tax authorities.

See salaries and explore the career path for Tax Manager

Auditor

Auditors are responsible for examining the financial statements of a company to ensure that they are accurate and complete. They use their knowledge of accounting and auditing standards to ensure that the financial statements are free from material misstatements. This course can help you develop the skills and knowledge you need to succeed as an Auditor. You will learn about the different types of audits, how to perform audits, and how to report on audit findings.

See salaries and explore the career path for Auditor

Financial Analyst

Financial Analysts are responsible for analyzing financial data to make investment recommendations. They use their knowledge of the financial markets to make informed decisions about where to invest money. This course can help you develop the skills and knowledge you need to succeed as a Financial Analyst. You will learn about the different types of financial instruments, how to analyze financial data, and how to make investment recommendations. The course will also help you develop the analytical and problem-solving skills that are essential for success in this field.

See salaries and explore the career path for Financial Analyst

Tax Lawyer

Tax Lawyers are responsible for advising clients on tax matters. They help clients to understand their tax obligations and to comply with tax laws. This course can help you develop the skills and knowledge you need to succeed as a Tax Lawyer. You will learn about the different types of taxes, how to advise clients on tax matters, and how to represent clients before tax authorities.

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Risk Manager

Risk Managers are responsible for identifying and assessing risks to a company. They work with other departments within the company to develop and implement risk management strategies. This course can help you develop the skills and knowledge you need to succeed as a Risk Manager. You will learn about the different types of risks, how to identify and assess risks, and how to develop and implement risk management strategies.

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Forensic Accountant

Forensic Accountants investigate financial crimes, such as fraud and embezzlement. They use their knowledge of accounting and auditing to uncover financial irregularities and to provide evidence to law enforcement officials. This course can help you develop the skills and knowledge you need to succeed as a Forensic Accountant. You will learn about the different types of financial crimes, how to investigate financial crimes, and how to provide evidence to law enforcement officials.

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Internal Auditor

Internal Auditors are responsible for evaluating the internal controls of a company. They work with other departments within the company to identify and assess risks, and to make recommendations for improvements to the internal control system. This course can help you develop the skills and knowledge you need to succeed as an Internal Auditor. You will learn about the different types of internal controls, how to evaluate internal controls, and how to make recommendations for improvements.

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Compliance Manager

Compliance Managers are responsible for ensuring that a company complies with all applicable laws and regulations. They work with other departments within the company to identify and assess risks, and to develop and implement compliance programs. This course can help you develop the skills and knowledge you need to succeed as a Compliance Manager. You will learn about the different types of compliance risks, how to develop and implement compliance programs, and how to monitor compliance with laws and regulations.

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Investment Banker

Investment Bankers advise companies on mergers and acquisitions, debt and equity offerings, and other financial transactions. They use their knowledge of the financial markets to help companies raise capital and to achieve their strategic goals. This course can help you develop the skills and knowledge you need to succeed as an Investment Banker. You will learn about the different types of financial transactions, how to advise companies on financial transactions, and how to raise capital in the financial markets.

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Management Consultant

Management Consultants advise companies on how to improve their operations and achieve their strategic goals. They use their knowledge of business and management to help companies identify and solve problems, and to develop and implement solutions. This course can help you develop the skills and knowledge you need to succeed as a Management Consultant. You will learn about the different types of management consulting, how to advise companies on business problems, and how to develop and implement solutions.

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Operations Manager

Operations Managers are responsible for planning, organizing, and controlling the operations of a company. They work with other departments within the company to ensure that the company's operations are efficient and effective. This course can help you develop the skills and knowledge you need to succeed as an Operations Manager. You will learn about the different aspects of operations management, how to plan, organize, and control operations, and how to improve the efficiency and effectiveness of operations.

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Project Manager

Project Managers are responsible for planning, organizing, and executing projects. They work with project teams to ensure that projects are completed on time, within budget, and to the required quality standards. This course can help you develop the skills and knowledge you need to succeed as a Project Manager. You will learn about the different phases of project management, how to plan, organize, and execute projects, and how to manage project teams.

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Business Analyst

Business Analysts analyze business processes to identify and solve problems. They use their knowledge of business and technology to help companies improve their operations and achieve their strategic goals. This course can help you develop the skills and knowledge you need to succeed as a Business Analyst. You will learn about the different types of business analysis, how to analyze business processes, and how to develop and implement solutions.

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GST - Claiming refunds and other concepts

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