As per the media reports, to give the opportunity to the small businesses, the IGNOU (Indira Gandhi National Open University) has started a programme.
The School of Management of the IGNOU has associated with the BSE (Bombay Stock Exchange) to launch the GST programme. To join the programme, the candidate must be Higher Secondary qualified and the admission will start from July 2019.
The programme is being conducted so that the candidates can get the bookkeeping skills to file different GST returns and compliance requirements.
In a statement, the University said: “Entrepreneurs engaged in small-scale business ventures can also benefit from this programme as it gives an overview of the procedures and formalities to comply under the GST Act.”
Modules in the GST Awareness Programme
There are seven modules in the GST awareness programme which includes-
- Understanding GST concept,
- Incidence of Taxation,
- Registration,
- Calculation of Tax Liability,
- Maintenance of Books,
- Payments under GST, and
- 22nd and 23rd GST Council Meeting for modification of GST
GST (Goods and Services Tax) was rolled out on 1st July 2017 which subsumed almost all the indirect taxes. This indirect tax is levied in India on the supply of goods and services. In the 32nd GST Meeting which was held on 10th January, many decisions were taken. The GST Council said in March 2019 that the decisions will roll out on 1st April and must be followed from the very same day which will affect the MSMEs tax thresholds.
Read Also: GST Council 1st Meeting to 34th Meeting: All You Need to Know
As per the government release, for registration and payment of GST exemption, there will be two threshold limits and the states can choose any one of them.
At the beginning of 2019, the GST Council gave a green signal to the design of the basic principles of GST and instructed the law committee to confirm the amendments in the law along with the return formats. The new return design allows to change the invoice along with the other details that have been filed in the return.
