The Department of Finance organized a one day workshop on Goods and Services Tax (GST) on 19th Feb, 2020 for students of International school of Management pursuing Management education. Resource person for the event was CA Saket Kumar a practicing Chartered Accountant engaged in providing Tax consultancy to various corporates. Mr. Kumar has more than five years of experience in auditing and Tax consultancy. The Business Environment has witnessed sea-change with introduction of GST by government of India in the year 2017. Although with the introduction of GST overall ranking of Indian Economy in Ease of Doing Business has improved dramatically, however it has thrown challenges for corporates particularly in Small and Medium sector. To start with Mr. Saket Kumar gave a brief overview on the provisions of GST and how tax compliance procedures have changed from erstwhile Indirect Tax regime. The students were given an overview on GST council, GSTIN and different types of Taxes under Goods and Services Act viz. CGST, SGST and IGST. Through several practical examples students were demonstrated on the aspects calculation of Input Tax Credit. Demonstrations and Hands on skill was also imparted on generating GST enabled Sales and Purchase invoice.
