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This course is part of PwC GST Taxation Executive Professional Certificate
Instructor: Tax Academy
1,816 already enrolled
Included with
Recommended experience
Beginner level
Learner should be familiar with basic numeric calculations, MS Excel skills, and accounting principles.
Recommended experience
Beginner level
Learner should be familiar with basic numeric calculations, MS Excel skills, and accounting principles.
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.
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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.
This course provides a platform for learners planning to launch their careers in tax or sharpen their skills with the technical understanding of GST law in India. 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 input tax credit and the conditions for availing of such credit - Learn about the restrictions on the availment of credit and understand when credit needs to be reversed - Know the legal requirement for performing reconciliation of purchase records and the detailed process for the same - Identify the practical challenges one may face while performing the reconciliations - Understand the concept of input service distributor, as well as, when and how it needs to be applied.
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.
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.
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.
9 videos13 readings2 assignments3 discussion prompts
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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.
Yes, it is recommended that you take the courses in the specific order from one to seven.
It will provide you with the skills required for entry and mid-level jobs in the fields of finance, tax and law.
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
When you enroll in the course, you get access to all of the courses in the Certificate, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
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