Delhi University is set to implement the concept of Goods and Services Tax (GST) in the syllabus of all commerce programs. Students who are pursuing commerce degree programs from the Delhi University will now have to learn the concepts of GST similar like Debit and Credit. The commerce students will have to study the GST related topics in their respective programs.
GST touted as the biggest tax reform since Independence, which replaced several State and Central levies and converts Asia’s largest economy into a common unified market. According to the meeting conducted in this week, varsity academic council has approved the commencement of GST in the syllabus of commerce degree programs like B Com (Hons), B Com (Prog) and BA (Prog). It has also advised to University executive council to implement this.
Reena Chadha, the Professor at Shri Ram College of Commerce said, “”So far, goods and services tax was not included in the curriculum. Going by the status quo, it is important that students understand the tax well. We are awaiting a formal notification from the university and will include it in the curriculum for this academic year”.”
The main aim of introducing GST in the syllabus of commerce is to aware the students about the newly introduced tax regime. The new GST Regime will commence from the current academic year and the council will change the syllabus of B. Com (Hons) students as per the recent developments on GST and we are eagerly waiting for a formal announcement from the university.
Initially, the students will be educated about the constitutional framework of indirect taxes before the GST and it includes the concept of VAT, GST Council, taxation powers of state and union governments, registration, rationale and structure of GST, GST Network, state compensation mechanism and registration and so on. It is expected that the syllabus also comprises such as the supply of goods and services, places of supply like within state, interstate, import and export, time of supply, valuation rules, tax-ability of reimbursement of expenses, and exemption from GST.
“Tax has now been simplified for our country with GST. Revenue generated from GST will be generated in a manner that will benefit India. Economists are already expecting the tax revenue to reach 2 trillion from 1 billion so students should be apprised with the times they will have to work in,” said Dr Bhibhu Pratap Sahu, an assistant professor at Sri Guru Teg Bahadur Khalsa College.
In the views of Dr Bhibhu Pratap Sahu, The new Goods and Service Tax (GST) has been simplified the taxation system of the country. As per the economists, it is expected that the economy will gain nearly 2 trillion revenue from the new regime.