GST Course for Manufacturers, GST Certification Course Training Institute - GST Classes
The manufacturing sector in any country can rightly be deemed as the backbone of its economy, leveraging its resources for maximum economic boost, which then makes way for competitive trade and business to take place – locally, nationally as well as globally. India too has, emerged as one of the high growth sectors in the manufacturing space.
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The new GST regime will be a modern tax reform which will usher in growth and opportunities for businesses in India. It will have a far-reaching impact on business avenues, compelling organisations to realign bottlenecks such as production cost, production time, supply chain, compliance, logistics, etc. with the changing indirect tax structure. Furthermore, all major business dynamics will have to be thoroughly analysed to assess the impact of GST on business.
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Reduced Cost of Production
Under the erstwhile tax regime, manufacturers had to pay an excess of 25-26% as production costs, quite clearly due to the effect of cascading taxes such as excise duty (at 12.5%) and VAT (at 14.5%), on the lines of taxing two different taxable events. Now under GST though, tax would be levied on single taxable event. This consequently means goods are expected to get cheaper, thus, driving more sales and lending the concerned stakeholders a strong hold in an increasingly competitive market.
Simplification of taxes levied through removal of differential valuations
Excise duty, which under the old tax structure was calculated on the basis of different methods such as – Specified duty, Tariff Value, Value based on Retail Sale price, Ad Valorem duty – will now be streamlined and easier to calculate as GST pushes for transaction-based valuations only.
Subsumed taxes mean less costs and better quality of goods and services
A key factor in driving down production costs is that most of the taxes on inter-state supplies that were earlier not creditable (central sales tax, OCTROI, entry tax, etc.) would now be available for set-offs, thus, reducing the burden on the manufacturing sector and setting up a steady flow of credit.
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With most taxes getting subsumed under the GST structure(except customs duty, Stamp Duty which will continue to be levied as before), other participants in the trading channel also stand to gain from this move i.e. retailers and distributors will now be able to avail credit on the taxes levied, and such accessibility of input tax credit at various stages of the commercial process would effectively lead to reduced prices, which can safely be considered a win-win scenario for both the manufacturing and other related sectors and the end consumer. Also, with the burden of indirect tax on the manufacturers substantially lessened, the industry shall now be able to focus more on the quality aspect of the production process rather than merely the commercials, thereby filling the quality gaps in a country severely in need of an upgradation in goods produced.
Restructured and streamlined supply chain leading to improved business efficiency
Most of the supply chain management earlier depended on taxes operating in different states. Now flagged under the ‘one-nation-one tax’ concept of GST, businesses are now required to re-engineer their supply chains, which in turn will encourage them to focus more on optimizing business efficiency and operability instead. For example, multiple warehouses in different states would no longer be needed, and with the extra layers of the supply chain done away with, manufacturing businesses can now solely focus on strategizing their supply chain with respect to economic, demographic and geographic targets. The resultant improved inventory management, when combined with input tax credit benefits (as described above) will lead to plummeting storage costs, less time wasted at various checkpoints, and ultimately, the emergence of a sturdy manufacturing sector, the immediate effect of which shall undoubtedly be felt in the logistics sector.
Only registration as per the State to apply henceforth
Earlier, if a single manufacturer had multiple factories in a single state, he was required to obtain a separate registration for each of the factories. However, under the current GST regime, a single taxable manufacturer would need to apply for a single registration only, irrespective of the number of factories that lie within the said state. This logically means less paperwork and less bureaucratic intervention to be dealt with at every stage, eventually resulting in better business management.
Small manufacturing businesses can now opt for Composition Scheme
Manufacturing businesses with a turnover of not more than 150 lacs are now eligible for availing the Composition Scheme under GST (at a rate of 1%), providing some measure of tax relief to the intended beneficiaries. Of course, exceptions apply as to which manufacturing businesses can and cannotopt for this scheme, along with documentary compliance and other conditions that must necessarily be fulfilled by the said consumption dealers who stand eligible to apply for the same.
No assessment by multiple tax authorities
Previously, separate tax assessment authorities were to take care of varied taxes those being –VAT, Service tax, Central Excise, sales tax, etc. This not only rendered the whole procedure chaotic but was extremely time-consuming as well, leaving manufacturers vulnerable to dealing with tax queries they did not quite know how to navigate, while negatively affecting their business. Henceforth though, instead of separate authorities assigned to take care of the assessment based on the type of tax, assessment will be carried out in defined a three-fold system i.e. State authorities would take care of SGST assessments, while Central authorities would look into CGST and IGST assessments respectively. This would result in a more efficient tax assessment system, that would not only save a lot of time, but would also aid manufacturers in dealing with the procedure better without having to deal with multiplicity of tax-related queries as well as their implications.
GST Training course Programmes, topic, subject, course schedule
2 Levy and exemption under GST
3 Composition Levy
4 Person and Taxable Person
5 Supply of Goods
6 Time of Supply
7 Place of Supply of Goods
8 Taxation of Imports & Exports under GST
10 Input Tax Credit and Related Transitional Provision
11 Transfer of Input Tax Credit
12 Job Work
13 Provisional and Final Registration
14 Payment of Tax
16 Tax Invoice, Credit & Debit Notes
17 Accounts and Other Records
19 Offences & Penalties
20 Transitional Provisions
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