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.
GST - Using input tax credit
GST - Using input tax credit
This course is part of PwC GST Taxation Executive Professional Certificate
Instructor: Tax Academy
1,704 already enrolled
Included with 
Gain insight into a topic and learn the fundamentals.
Beginner level
Recommended experience
9 hours to complete
3 weeks at 3 hours a week
Flexible schedule
Learn at your own pace
What you'll learn
Define and explain the key concepts for the availment and utilisation of input tax credit.
Critically analyse whether tax paid on purchases can be availed as input tax credit.
Examine whether or when input tax credit availed needs to be reversed and the reasons thereof.
Distribute the tax appropriately through an ISD and undertake the necessary compliances.
Skills you'll gain
Details to know
Shareable certificate
Add to your LinkedIn profile
Assessments
5 assignments
Taught in English
See how employees at top companies are mastering in-demand skills
Build your Finance expertise
This course is part of the PwC GST Taxation Executive Professional Certificate
When you enroll in this course, you'll also be enrolled in this Professional Certificate.
- Learn new concepts from industry experts
- Gain a foundational understanding of a subject or tool
- Develop job-relevant skills with hands-on projects
- Earn a shareable career certificate from PwC India
Earn a career certificate
Add this credential to your LinkedIn profile, resume, or CV
Share it on social media and in your performance review
There are 3 modules in this course
The GST paid on procurements is available as input tax credit and can be used to offset the output GST liability. In this module, you will learn what is input tax credit as well as the conditions and restrictions for availing input tax credit. You will also learn the process of availing input tax credit and the requirement to reverse input tax credit under various scenarios.
What's included
10 videos21 readings1 assignment1 discussion prompt
One of the key challenges of the erstwhile tax regime was that the levy of taxes had a cascading effect. In the GST regime, this was sought to be remedied by allowing input tax credit, commonly known as ITC, on procurements. In the module on ITC, you would have learnt that ITC can only be availed if the supplier has furnished the details of the invoice in their statement of outward supplies and has paid the tax to the Government. This requires the recipient to reconcile the details of their procurements with the details furnished by the supplier on the GST portal. This reconciliation is called ‘vendor reconciliation’. In this module, we shall discuss the legal requirement and the detailed process for such reconciliation. We shall also highlight the key aspects and practical challenges faced during such reconciliation.
What's included
9 videos10 readings2 assignments
An input service distributor or ISD is a facility made available to businesses to distribute the tax paid on input services from a centralised location. By using this mechanism, a manufacturer could transfer the credit of service tax on services availed at the head office to its factories where the manufacturer had output excise liability. In this module, you will learn what an ISD is, the manner of distribution of tax, the compliance requirements and the process of reconciliation prior to tax distribution.
What's included
9 videos13 readings2 assignments3 discussion prompts
Instructor
Offered by
Recommended if you're interested in Finance
PwC India
PwC India
Why people choose Coursera for their career
Felipe M.
Learner since 2018
"To be able to take courses at my own pace and rhythm has been an amazing experience. I can learn whenever it fits my schedule and mood."
Jennifer J.
Learner since 2020
"I directly applied the concepts and skills I learned from my courses to an exciting new project at work."
Larry W.
Learner since 2021
"When I need courses on topics that my university doesn't offer, Coursera is one of the best places to go."
Chaitanya A.
"Learning isn't just about being better at your job: it's so much more than that. Coursera allows me to learn without limits."
New to Finance? Start here.
Open new doors with Coursera Plus
Unlimited access to 10,000+ world-class courses, hands-on projects, and job-ready certificate programs - all included in your subscription
Advance your career with an online degree
Earn a degree from world-class universities - 100% online
Join over 3,400 global companies that choose Coursera for Business
Upskill your employees to excel in the digital economy
Frequently asked questions
Upon successful completion of each course, you will be eligible for that respective course completion certificate. To obtain the PwC - India GST professional certificate you must complete all seven courses.
This program is industry agnostic and would be relevant for anyone looking to acquire basic knowledge of GST.
Learner should be familiar with basic numeric calculations, MS Excel skills, and accounting principles.