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What is IGST? Explain the provisions of IGST Act, 2017
Youâve probably mastered CGST and SGST, but what about IGST? Before that, what is IGST? IGST stands for "Integrated Goods and Services Tax." It is a type of indirect tax that is levied on the supply of goods and services in India. But, then, what is GST? Isnât IGST or GST the same thing? The answer is no! GST is a much broader concept. However, IGST is levied only at the time of "interstate" (between states and union territories) supply of goods and services. What is IGST in the GST System? As discussed above, IGST means a tax that is levied or imposed during the supply of goods or services between two or more than two states or union territories. (Remember the word "two or more than two".) Here is a simple example of IGST: Suppose a company based in Delhi manufactures and sells shoes to a company based in Mumbai. The company in Delhi will charge the company in Mumbai IGST on the sale of the shoes, as the supply of goods is taking place from one state to another (i.e., an inter-state supply). Now that you know what IGST is, keep reading to learn more about it and the features and provisions of the IGST Act, 2017. What is the IGST Act, 2017? The IGST Act, 2017 is an Act of the Parliament of India that provides the provisions (rules or regulations) for the levy, collection, and administration of the IGST. Another benefit of IGST is that Input Tax Credit is available for the IGST paid on inputs (i.e., raw materials, goods, and services) against the IGST payable on outputs (i.e., finished goods and services) under the IGST Act, 2017. Confused about what "input tax credit" means? No need to worry; learn what is Input Tax Credit (ITC) for a better understanding. What are the Objectives of IGST? The main objectives (goals/targets) of the Integrated Goods and Services Tax (IGST) are the followings: - To remove inter-state trade barriers: IGST was introduced to improve inter-state trade and commerce by removing barriers such as different tax rates and compliance requirements in different states. - To unify the Indian tax system: To promote the smooth flow of goods and services across the country by providing a single, unified tax system. - To promote economic growth: IGST was introduced to promote economic development by creating a more favorable business environment. - To remove the inefficient Central Sales Tax (CST): Central Sales Tax (CST) was the previous indirect tax (before 2017) that was levied on the sale of goods in India. CST was replaced by IGST (after 2017) as part of the GST system. - To eliminate Tax evasion & avoidance: Previously, people used to avoid paying taxes on inter-state sales because of the complex rules and different tax rates of different states. So, IGST removed such hindrances after 2017. - Reduce cost of production: The IGST is expected to lower the overall cost of manufacturing goods and services. This will help boost the domestic market (the Indian market) in the future. Doesn't that sound pretty good? But, still, the GST system lacks some core improvements! If you're interested in knowing more about this, read Why GST is not suitable in India for more details. Features of IGST Here are the salient features of IGST (Integrated Goods and Services Tax): - IGST is a type of indirect tax that is levied on the supply of goods and services in India. - Applicable to all inter-state supplies. - Levied at the rate of tax specified in the IGST Act, 2017, which is currently 18%. - The place of supply determines the liability to charge IGST. - Input tax credit is available for the IGST paid on inputs. - Administered (managed/controlled) by the Central Board of Indirect Taxes and Customs (CBIC). - A destination-based tax, which means that the tax is collected in the state where the goods or services are consumed. - IGST is not a tax on the movement of goods or services, but on the supply of goods and services. - IGST revenue is distributed amongst Centre and State as well. To get more insights into IGST, check the official PDF on IGST by the CBIC (Central Board of Indirect Tax & Customs): READ PDF Main Provisions of IGST Act, 2017 The main provisions of the IGST Act, 2017 are as follows: 1. Levy and Collection of IGST - The Act provides for the levy and collection of IGST on all inter-state supplies of goods and services. - IGST is levied in the following rate: Rate of IGST = CGST Rate + SGST Rate. Suppose the rate of CGST and SGST is 9%. Thus, IGST = 18% = (9% + 9%) - The maximum rate of IGST should not exceed 44%. - IGST is to be collected from the Taxable Person (i.e. the Seller). - Currently, IGST is not levied on Petroleum products. - IGST obeys the RCM (Reverse Charge Mechanism). It means when an Unregistered person makes a supply to a Registered person. Then, in this case, the recipient (the receiver) will pay the IGST, i.e., the Registered person. - The government has the power to order the list of categories of goods and services for which tax is to be paid on a reverse charge basis. - The government can also specify the categories of goods and services for which tax is to be paid by e-commerce operators. 2. Determination of Nature of Supply A. IGST will be levied if: the LOCATION of Supplier and PLACE of Supply is in two different states OR two different Union Territories OR a State and a Union Territory. B. All the Imports are treated as "Inter-State" supplies. So, IGST is levied on imports. IGST must be calculated after adding the applicable customs duty to the value of imported goods. C. Supplies in the given cases are treated as Inter-State supplies and thus, IGST is levied: - When Supplier is in INDIA, but place of supply is OUTSIDE INDIA. - When suppliy is to or by SEZ Units. - When supply is NOT INTRA STATE. D. Supplies made to SEZ units (Special Economic Zones) are ZERO RATED. It means if a supplier is selling (supplying) something to a SEZ Unit--then, that Supplier can either claim REFUNDS or simply Supply without payment of Taxes. E. All the Exports are treated as Inter-State supplies. However, a good thing is that exports are ZERO RATED. F. If the supplier is in territorial waters (simply put, transactions on a ship), then that supply will be assumed to be in the nearest state or union territory for the purpose of GST. G. Alchohol products for human consumption are exclusively taxed by the States. So, IGST is not levied on such products. 3. Zero Rated Supply - Zero-rated supply refers to the supply of goods and services that are taxed at a rate of 0%. You read that right! (0%) Suppose a company based in Delhi supplies goods to a company based in Mumbai. The supply of goods is considered to be an inter-state supply and is taxable under IGST. However, if the goods being supplied are agricultural products, they are considered to be a zero-rated supply, and no IGST is charged on the supply. This means that the company in Delhi does not have to charge any tax on the sale of the agricultural products to the company in Mumbai. - Under the IGST Act of 2017, exports of goods and services and supplies to SEZ units are always considered zero-rated supplies. 4. Place of Supply under IGST As GST is a destination-based tax, understanding "Place of Supply" is important. - Section 10: Place of supply (within India) (excluding exports & imports) Cases for SupplyPlace of Supply1. Supply involves "movement" of goodsThe location where movement of goods is terminated or finished.2. Where goods are supplied on "order/direction of 3rd party"The place or location of "3rd party" and not the recipient.3. Supply does "NOT involve moment" of goodsLocation of goods at the time of delivery.4. Goods are assembled/installed at sitePlace of such installation site or delivery.5. Goods "supplied on conveyance" (like Train)Location at which such goods are taken on conveyance.6. When place of supply can "NOT be determined"As maybe pescribed. - Section 11: Place of supply (in case of Exports and Imports) Nature of SupplyPlace of SupplyGoods are Imported into India Location of the Importer.When goods are Exported from IndiaLocation outside of India. - Section 12: Place of supply of Services (Both: Supplier and Receiver are in India) - In Registered Person's case: Location of such registered recipient. - In case of Unregistered person: Location of recipient if the address exists in the records with the Supplier. - In case of Immovable property: where such immovable property is located. - Cultural / entertainment / sports / scientific event: Location of such event. - In case of delivery by mail or courier: If registered person, then his location. If unregistered person, then the place where the goods were handed over to the courier company. - Section 13: Cross border supply of services (where either Supplier or Receiver is outside India) - General rule: Location of recipient of services OR supplier of services. - In case of Immovable property: where such immovable property is located. - Cultural / entertainment / sports / scientific event: Location of such event. - In case of banking services: Location of the "Supplier" of services. - In case of delivery by mail or courier: place of supply is the place of destination of such goods. If you're still finding it hard to understand the "Place of Supply" provisions, we recommend watching the below-given YouTube video for a better understanding: https://youtu.be/znw8o7VQL_w Channel Credits: Monika Garg classes 5. Refund of IGST Paid on Supply of Goods to Tourist (Leaving India) According to the IGST Act of 2017, The Integrated Tax (IGST) paid by a Tourist will be refunded if he or she leaves India. The word "Tourist" here means any person who came to India for a stay of not more than six months for any legit reason. 6. Apportionment (Division) of IGST Apportionment, or division, of IGST refers to the process of dividing the IGST collected on interstate transactions among the central and state governments. This is done in order to ensure that the revenue from IGST is distributed fairly between the central and state governments. FAQs About IGST or IGST Act, 2017 When was IGST Act passed?The IGST Act, 2017 was passed by the Parliament of India on 29th March 2017.Who is eligible for IGST?IGST (Integrated Goods and Services Tax) is applicable to all inter-state supplies of goods and services in India.This means that any person or business that supplies goods or services from one state to another state in India is eligible to charge and collect IGST on the supply.What is the taxable event under IGST act?Under the IGST Act, 2017, the taxable event is the supply of goods and services.Note that the taxable event under IGST is the supply, and not the movement of goods or services. This means that even if the movement is from one state to another, if the supply is not taking place, then IGST is not applicable.Explain Integrated Goods and Services Tax in shortIGST is one of the three types of taxes that make up the Goods and Services Tax (GST) system in India, the other two being CGST and SGST.IGST is applicable on inter-state supply of goods and services and, is collected by the Central Government. Visit: ImRishabh.com to know more about this! Read the full article
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What is Input Tax Credit in GST? - ITC Meaning, Significance & Conditions
As you're aware of the benefits of the GST system, the input tax credit in GST is one of them. Input tax credit (ITC) is a feature of the Goods and Services Tax (GST) system in India. It is beneficial for those businesses that are registered under GST. But, what actually Input Tax Credit means? Keep reading to learn everything about Input Tax Credit under GST with example. What is Input Tax Credit under GST? Input Tax Credit is a mechanism under GST that allows businesses to claim credit for the GST or tax paid on their purchases (inputs). Inputs can be anything, like raw materials that are used in a business. The claimed credit can be further used to offset the GST liability on the output, or final products or services, that the business supplies to its customers. The benefit of ITC is that it reduces the tax burden on businesses. Additionally, ITC promotes compliance with GST by providing an incentive for businesses to pay their GST on time and in full. By claiming ITC, businesses can reduce the GST (tax) they have to pay on their output, which can result in cost savings and increased profitability.Summary Input Tax Credit in GST Example Under the concept of ITC with the example given below: For example, consider a business (ABC Ltd.) that purchases raw materials worth INR 100,000 and pays INR 10,000 as GST on the purchase. The business uses these raw materials to manufacture a final product that it sells to a customer for INR 200,000, and charges INR 20,000 as GST on the sale. The business can claim ITC of INR 10,000 on the GST paid on its purchases (of raw materials) and reduce its GST liability on the output to INR 10,000 (20,000 - 10,000). In this way, the business is able to pass on the GST paid on its purchases to its customers and avoid paying tax on tax. Explain the Significance of ITC under GST Image via Shutterstock Input tax credit (ITC) helps registered businesses to recover the GST paid on their purchases and inputs. ITC is intended to eliminate the cascading effect of taxes, where the same product or service is taxed multiple times at different stages of production and distribution. Overall, it is an important mechanism for reducing the burden of taxes on businesses and promoting economic efficiency. It also helps to simplify the tax system by eliminating the need for businesses to pay multiple taxes at different stages of production and distribution. Benefits of Input Tax Credit in GST Input tax credit in GST provides a number of benefits to businesses and the economy as a whole. Here are some of the main benefits of Input Tax Credit in GST: 1. Reduces the burden of taxes ITC allows businesses to recover the GST paid on their purchases and inputs, which helps to reduce the overall burden of taxes on businesses. 2. Eliminates the cascading effect of taxes ITC helps to eliminate the cascading effect of taxes, where the same product or service is taxed multiple times at different stages of production and distribution. 3. Improves efficiency ITC helps to improve efficiency in the economy by reducing the cost of doing business and eliminating the need for businesses to pay multiple taxes at different stages of production and distribution. 4. Increases transparency ITC helps to make the tax system more transparent, as businesses are able to see the exact amount of GST paid on their purchases and inputs. This can make it easier for businesses to understand their tax obligations and can improve compliance. 5. Simplifies the tax system ITC helps to simplify the tax system by eliminating the need for businesses to pay multiple taxes at different stages of production and distribution. While ITC is not for individuals (normal consumers), the indirect benefit of ITC may be passed on to consumers in the form of lower prices for goods/services. This is because, due to ITC businesses are able to reduce their costs by claiming ITC. Though the ITC mechanism appears to be good, it is far from ideal. To get more insights on some disadvantages of the GST system in India, check why GST is not suitable. How to claim ITC under the GST System? Here is the step-by-step process for claiming ITC under GST: - Obtain a GST registration: In order to claim ITC, a business must first obtain a GST registration. - Keep records of purchases and inputs: Businesses need to keep records of their purchases and inputs, as these will be required in order to claim ITC. - File GST returns: Businesses are required to file GST returns on a regular basis, typically on a monthly or quarterly basis. In the GST return, they must declare the GST paid on their purchases and inputs and claim ITC on this amount. - Claim ITC: In order to claim ITC, businesses must provide details of the GST paid on their purchases and inputs in the GST return. The business can then use the ITC claimed to offset the GST liability on their supplies. - Verify and reconcile ITC: The tax authority may verify the ITC claimed by the business, and may request additional documentation to support the claim. It is important for businesses to keep accurate records and to be able to provide supporting documentation in order to facilitate the verification process. For more details on Input Tax Credit in GST, check the Official website of Central Board of Indirect Taxes & Customs for help. Besides, you can also read their PDF, explaining Input Tax Credit in GST in more detail. Read "ITC" pdf Restrictions in availing ITC There are certain restrictions on the availability of ITC under GST. ITC is not available for the following: - Purchase of goods or services for personal consumption. - Purchase of goods or services that are not used in the course or furtherance of the business. - Purchase of goods or services that are not taxable under GST. - Purchase of goods or services that are not covered by a valid invoice or other prescribed documents. - Purchase of goods or services that are not reported in the GST returns filed by the business. - Purchase of goods or services from an unregistered supplier. - Purchase of goods or services that are not eligible for ITC as per the GST law. Conditions to claim ITC To claim ITC, a business must satisfy the following conditions: - The business must be registered under GST. - The GST paid on the purchases must be shown in the GST returns filed by the business. - The purchases must be used in the course or furtherance of the business. - The supplier of the purchases must have paid the GST and filed the returns. - The business must have the invoices or other prescribed documents as evidence of the purchases and the GST paid. Rules to consider while availing ITC Under the Goods and Services Tax (GST) system in India, there are several rules that businesses must follow in order to claim Input Tax Credit in GST. Some of the key rules for ITC are as follows: - ITC can be claimed only when the GST on the output is paid. - ITC can be claimed only up to the GST liability on the output. - ITC can be claimed only if the GST on the output is paid within a specified time period (generally within 180 days from the date of supply). - ITC can be claimed only if the GST on the output is paid in the same tax period in which the GST on the input was paid. - ITC can be claimed only if the GST on the output is paid in the same state or union territory in which the GST on the input was paid. - ITC can be claimed only if the GST on the output is paid in the same tax category (central GST or state GST) as the GST on the input. - ITC can be claimed only if the GST on the output is paid in the same tax head (CGST or SGST) as the GST on the input. - ITC can be claimed only if the GST on the output is paid at the same rate as the GST on the input. - ITC can be claimed only if the GST on the output is paid on a taxable supply (i.e., a supply that is not exempt or zero-rated). - ITC can be claimed only if the GST on the output is paid on a supply that is not prohibited by law. Businesses must ensure that they comply with these rules in order to claim ITC correctly and avoid any penalties or disputes. What is Input Tax Credit in simple words?In simple words, it allows businesses to offset the taxes paid on inputs against the taxes payable on the sale of goods and services, reducing the overall tax burden on the business.Who all are eligible to claim the Input Tax Credit?Under the Goods and Services Tax (GST) system in India, businesses that are registered under GST are eligible to claim Input Tax Credit in GST system.What are the documents required to claim Input Tax Credit?To claim Input Tax Credit in GST system in India, a business must have the following documents:1. Invoices or bills of supply: These are documents issued by the supplier of the goods or services, and they should contain the details of the supply, such as the description of the goods or services, the quantity, the value, and the GST charged.2. Debit notes and credit notes: These are documents issued by the supplier to the recipient in case of any amendment to the original invoice or bill of supply, such as a reduction in the value or the GST charged.3. Receipt vouchers: These are documents issued by the recipient to the supplier in case of advance payment or advance receipt of goods or services.4. Delivery challans: These are documents issued by the supplier to the recipient in case of partial supply of goods or services, or in case the goods are sent by the supplier to a job worker for further processing.5. Other documents as prescribed by the GST law: These may include documents such as the e-way bill (in case of movement of goods), the export invoice (in case of exports), and the import invoice (in case of imports).It is important for businesses to maintain accurate and complete records of the above documents, as they are required as evidence to claim ITC. Summing up ITC in short Overall, ITC is an important mechanism for reducing the burden of taxes on businesses and promoting economic efficiency in the GST system. It helps businesses to recover the GST paid on their purchases and inputs, which can reduce the overall cost of doing business and improve competitiveness. Visit: ImRishabh.com to know more about this! Read the full article
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What is Registration in GST? â Meaning & Registration Procedure
The Goods and Services Tax is a single, unified tax system that is applicable throughout India. Registration in GST is compulsory for businesses that exceed certain threshold limits. But what exactly does "Registration" in GST mean? Keep reading to learn the meaning of "Registration" under GST, reasons to obtain Registration, and the Registration procedure. What is Registration in GST means? Registration in GST means obtaining a unique GSTIN (Goods and Services Tax Identification Number). The GSTIN is a unique 15-digit number assigned to a business for the purpose of GST. You can understand it with the help of the Aadhaar number. Your Aadhaar number is your very own unique number that identifies you as an Indian citizen. Similarly, the GSTIN is a unique number for the "identification" of businesses. A GSTIN is mandatory for businesses that exceed the threshold limit for registration. The current threshold limit is Rs. 40 lakhs for most states (except for Special Category States, where the threshold limit is Rs. 20 lakhs). In simple words, getting that unique 15-digit number from the GST authority is what we call as "Registration".SUMMARY Reasons to Obtain Registration in GST There are several reasons why businesses may want to obtain registration in the GST even if they do not exceed the threshold limit for registration. Some of the key reasons to obtain Registration for GST purposes are: - To claim Input Tax Credit: One of the main advantages of GST is that it allows businesses to claim input tax credit on the GST paid on their purchases/inputs. Check what is Input Tax Credit to understand it better. - To file GST returns: All businesses that are registered under GST are required to file GST returns on a monthly or quarterly basis, depending on their turnover. A GSTIN is mandatory for this purpose. - To participate in tenders and government contracts: Many government agencies and private companies require businesses to be registered under GST in order to participate in tenders and contracts. What is the Procedure for GST Registration? Now, as you know what Registration under GST means; what about the Registration procedure? Is it that simple to get a GSTIN? What are the documents required for it? The GST Registration procedure is categorized into several different steps. Here is a step-by-step guide to help you navigate the GST registration process: 1. Application for GST Registration As it name suggests, the very first step is to apply for Registration in the GST Portal. The application step is further divided into two parts: PART "A" and PART "B". - Part A: It is the first step for registration in which you fill the basic details. - Part B: After filling Part A, you can fill Part B. In this part, you've to submit some documents as proof. Here's a detailed explaination of what you've to do in both the parts: Part A In the GST Portal, you will need to provide details about your business, including your name, address, and PAN number. You have to enter your mobile number as well as e-mail to recieve an OTP for registration. Once you register on the GST Portal, you recieve an OTP on your given mobile number and e-mail for verification. After verification, a Temporary Reference No. or TRN is generated. You can use TRN to complete "Part B" further. Now, you have to make an Advanced Tax Payment to the GST Authority. Part B After filling Part A, move on to Part B for final steps. Part B mainly covers "submission of the required documents" for GST Registration. The documents required to submit are already covered below. Once you submit the required documents, the GST department will review your application. If it is approved, you will receive a GST registration certificate. This certificate will include your GSTIN (GST Identification Number), which is a unique number assigned to your business for GST purposes. For a detailed guide, check the GST Knowledge Portal for assistance. 2. Issue of Registration Certificate Once the GST authority is satisfied with your application, it issues a Registration Certificate to you. The Registration Certificate in GST refers to a document that serves as proof that a business is registered under the GST system. This certificate is issued by the government to businesses that are required to pay GST, and it allows them to collect GST from their customers and claim input tax credits (ITC). Concept of Deemed Approval in GST Registration In the Goods and Services Tax (GST) system, deemed approval means the "automatic approval of a GST registration application". Under GST law, the tax authorities are required to either approve or reject a GST registration application within a certain time frame, typically within three working days. If the authorities do not take any action on your submitted application within three days, it is assumed your application is APPROVED. Deemed approval is an important concept in GST law as it helps ensure that businesses are able to obtain GST registration in a timely manner.SUMMARY Documents Required for GST Registration The following documents are required for GST registration: - Proof of PAN: This can be a copy of the PAN card or a PAN allotment letter. - Proof of address: This can be a copy of the business's utility bill, rent agreement, or ownership documents. - Cancelled cheque: This is required to verify the bank account details provided in the application. - Declaration: This is a declaration form that needs to be signed by the authorized signatory of the business. - Other documents: Depending on the nature of the business, other documents may be required, such as partnership deed, articles of association, etc in case of a Company or a Partnership firm. Cancellation of Registration in GST The cancellation may occur due to: Voluntary cancellation or cancellation by the GST authority. 1. Voluntary Cancellation A GST registration can be cancelled (by a registered business) in the following circumstances: - The business has closed down (winding up) or stopped operations. - Transfer of business. - Obtained registration by furnishing false or incorrect information. - Not filed GST returns for six consecutive tax periods. - Death of the owner of business. 2. Cancellation by GST Authority The GST authority can also cancel the registration in some cases such as: - If the business has not filed any GST returns for a continuous period of six months. - If the business has not conducted any business activity for a continuous period of six months. - Obtained the GST registration through fraud or misrepresentation of facts. - The business has closed down or ceased to exist. - If the business has provided incorrect or false information during the registration process. - If the business has failed to comply with the GST laws and regulations. - If the business has been found to be involved in any illegal or unlawful activity. To cancel GST registration, the business needs to file an application for cancellation through the GST Portal. The GST officer will review the application and, if satisfied, will cancel the GST registration. Download Registration Under GST Notes Note that the notes are as per the B.com 3rd Sem Syllabus pattern! You can download GST registration notes from our website or from various websites that provide information on GST. The below given PDF notes provide a summary of the key aspects of GST registration, such as the threshold limits, Liability for GST Registration, and the procedure for registration and cancellation. We believe in creating value first and sharing it next!RISHABH CHAUHAN DOWNLOAD NOTES FAQs About GST Registration Below are some of the frequently asked questions (FAQs) about Goods and Services Tax (GST) Registration: What are the 3 types of GST Registration?The followings are the main 3 types of GST Registration in India:1. Compulsory Registration or Regular or Normal RegistrationThis is the most common type of registration in GST and is applicable to businesses that exceed the threshold limit for registration, which is currently Rs. 40 lakhs for normal states (and Rs. 20 lakhs for Special Category States).2. Voluntary Registration or Optional RegistrationThis type of registration is available to businesses that are below the threshold limit for Registration, but still want to obtain a GSTIN.3. Composite Scheme Registration (Registration under Composition Scheme)This type of registration is available to small businesses with a turnover of up to Rs. 1.5 crores (normal states) and, Rs. 75 lakhs in case of Special Category States like the north-eastern states and hilly states.Under the composite scheme, businesses are required to pay tax at a fixed rate on their turnover.Is GST Registration free of cost?GST registration is generally free of cost in India. There are no fees charged for obtaining GST registration or for filing GST returns.However, businesses may have to incur some expenses in obtaining the required documents, such as proof of PAN, proof of address, and a cancelled cheque for the bank account.What is the validity of GST Registration?The validity of GST registration depends on the nature of the business and its turnover.For businesses that are registered under the regular or composite scheme, GST registration is valid indefinitely, unless the Registration is cancelled due to any valid reason.What is the deadline for Registering under GST?The deadline for obtaining GST registration is 30 days from the date on which the threshold limit is crossed.For businesses that are not registered under GST but still want to obtain GST registration, there is no specific deadline.Can a person with no GST registration collect GST?A person with no GST registration is not allowed to collect GST. According to the GST laws in India, only registered persons are authorized to collect GST on the supply of goods and services. Winding up the Registration Concept Without a doubt, Registration is highly important for businesses if they want to be more competitive in the market. Registration in GST not only helps businesses keep track of their sales, expenses and taxes, but also enables them to become compliant with the laws and regulations of the GST regime. Visit: ImRishabh.com to know more about this! Read the full article
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Latest Bcom 3rd Sem Syllabus | B.com General & Honours
If you're a B.com 3rd Semester student, keep reading to get the latest Bcom 3rd Sem Syllabus. The given syllabus is for Panjab University Chandigarh only. B.Com, or Bachelor of Commerce, is a undergraduate degree program in the field of commerce and business. The program typically takes three to four years to complete and is offered at universities and colleges around the world. Bcom 3rd Sem Syllabus: Overview B.com 3rd Semester is the 3rd semester of the 2nd year of B.com graducation program. It covers various course such as IIC, Cost Accounting, Company Law, Business Maths & Stats, B&I and GST. Note that the given syllabus strucure is for Panjab University students only! B.com 3rd Semester Courses In general, the Bcom 3rd sem syllabus is designed to provide students with a strong foundation in the principles and practices of business, finance, and commerce, as well as the skills and knowledge needed to succeed in their chosen careers. The specific topics covered in each type of course will depend on the specific program and institution offering the degree. B.com 3rd Sem Subjects (Panjab University) The followings are the subjects covered under the B.com 3rd Semester (PU): 1. Interdisciplinary Issues in Indian Commerce Interdisciplinary Issues in Indian Commerce is a course that explores the various factors that impact the development and growth of commerce in India. The course covers topics such as the economic, social, cultural, and political context of Indian commerce, as well as the challenges and opportunities facing businesses operating in the Indian market. Students in this course will learn about the various stakeholders involved in Indian commerce, including consumers, businesses, and the government, and how their interests and interactions shape the economic landscape. 2. Cost Accounting Cost Accounting is a course that covers the principles and techniques of cost accounting, which is the process of identifying, measuring, and allocating costs to products or services. The course covers topics such as cost behavior, cost-volume-profit analysis, cost allocation, budgeting, and performance measurement. Students in this course will learn how to use cost accounting information to make informed business decisions, such as setting prices, controlling costs, and improving efficiency. 3. Company Law Company Law is a course that covers the legal framework governing the formation, operation, and dissolution of companies in India. The course covers topics such as the different types of companies, the legal requirements for forming and operating a company, the rights and duties of shareholders and directors, and the legal consequences of corporate actions. 4. Business Mathematics and Statistics Business Mathematics and Statistics is a course that covers the mathematical and statistical concepts and techniques that are relevant to business and economics. The course covers topics such as algebra, calculus, probability, statistical inference, and regression analysis. Students in this course will learn how to use these concepts and techniques to solve business problems, such as analyzing data, making predictions, and making informed decisions. 5. Banking and Insurance Banking and Insurance is a course that covers the principles and practices of banking and insurance in India. The course covers topics such as the functions and operations of banks, the types of banking services and products available, the regulatory framework for banks, and the principles and practices of insurance. Students in this course will learn about the role of banks and insurance companies in the financial system and how to manage financial risks. 6. Goods and Services Tax (GST) Goods and Services Tax (GST) is a course that covers the principles and practices of GST in India. The course covers topics such as the GST law, the GST tax base, the GST rate structure, the GST registration process, and the GST compliance requirements. Students in this course will learn about the GST system in India and how to comply with GST requirements as a business owner or manager. 7. Accounting Theory and Reporting Practices (B.com Hons) Accounting Theory and Reporting Practices is a course that covers the principles and practices of financial accounting and reporting in accordance with generally accepted accounting principles (GAAP). 8. Development Economics (B.com Hons) Development Economics is a course that covers the economic theories and practices related to economic development in developing countries. 9. Advertising & Brand Management (B.com Hons) Advertising & Brand Management is a course that covers the principles and practices of advertising and brand management in the business world. 10. Bank Management (B.com Hons) Bank Management is a course that covers the principles and practices of bank management in India. The course covers topics such as the functions and operations of banks, the regulatory framework for banks, risk management in banks, and the role of banks in the financial system. B.com 3rd Sem Syllabus PDF (Latest) We've fetched the current Syllabus from the Official Panjab University website to help you. Here's the updated syllabus of all the Bcom 3rd Semester Subjects: SubjectsView/Download PDFInterdisciplinary Issues in Indian CommerceDownload NowCost AccountingDownload NowCompany LawDownload NowBusiness Mathematics and StatisticsDownload NowBanking and InsuranceDownload NowGoods and Services TaxDownload NowAccounting Theory and Reporting Practices (Hons.)Download NowDevelopment Economics (Hons.)Download NowAdvertising &Brand Management (Hons.)Download NowBank Management (Hons.)Download NowB.com 3rd Semester Syllabus Download We believe in creating value first and sharing it next!Rishabh Chauhan The Syllabus PDF links are updated on a monthly basis. We suggest contacting @imrishabh on Instagram in case of any errors while opening the Google Drive links. Is B.Com a 3 year course?B.Com, or Bachelor of Commerce, is typically a three-year undergraduate degree program in the field of commerce and business.The B.Com program typically includes coursework in subjects such as accounting, finance, marketing, management, economics, and statistics.What is the syllabus of BCom?The specific courses and subjects included in the B.com syllabus will vary depending on the specific institution and program offering the degree.It is always advisable for students to review the syllabus carefully and choose courses that align with their interests and career goals.What are the subjects in B.com 3rd year?The following are the subjects in Bcom 3rd Sem:1. Interdisciplinary Issues in Indian Commerce2. Cost Accounting3. Company Law4. Business Mathematics and Statistics5. Banking and Insurance6. Goods and Services Tax7. Accounting Theory and Reporting Practices (Hons.)8. Development Economics (Hons.)9. Advertising &Brand Management (Hons.)10. Bank Management (Hons.) Final Words In conclusion, the Bcom 3rd sem syllabus for the current year is an important resource for students pursuing a B.com General or B.com Honours degree. It provides a strong foundation in the concepts and principles of business, finance, and commerce, as well as the skills and knowledge needed to succeed in their chosen careers. Students are encouraged to review the syllabus carefully and choose courses that align with their interests and career goals. Visit: ImRishabh.com to know more about this! Read the full article
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Why GST is not suitable in India? 11 reasons explained
Goods and Services Tax (GST) is an indirect tax introduced in India in 2017. The main goal of the GST was to simplify the way taxes are collected and paid on goods and services across the country. The government faced many challenges while introducing GST in India, including complexity, lack of clarity, unreliable IT infrastructure, high compliance costs, and limited scope. So, why the GST has not been as successful in India. And what are the potential improvements that could make the GST the best tax structure? Why GST is not suitable in India? Despite its potential benefits, the GST has faced several challenges in India that have made it less suitable for the country. The following are the main reasons why the GST is not suitable for India: 1. Complexity The GST system in India is relatively complex, with multiple tax rates and rules that can be difficult for businesses to navigate. This complexity can create compliance issues. Besides, it'll increase the cost of doing business, as now they may need to seek the help of tax professionals to understand and comply with the GST rules. 2. Lack of clarity There is often a lack of clarity around the rules and regulations related to the GST, which can lead to confusion and uncertainty for businesses. 3. IT infrastructure The GST system in India relies heavily on IT infrastructure, which can be unreliable and prone to technical issues. This can create problems for businesses that need to file their GST returns or access important information online. 4. High compliance costs The GST system can be resource-intensive for businesses, as they are required to maintain detailed records, file returns, and pay taxes on a regular basis. This can create a burden on businesses, especially small and medium enterprises, which may not have the resources to comply with the GST rules. 5. Limited scope The GST system in India currently only covers goods and services and does not include important sectors such as real estate, electricity, and alcohol. This can create inequities and distort the tax system. 6. Inflation Inflation, in simple words, is that stage in an economy when things start getting more expensive. Some tax experts believe that the GST has contributed to inflation in India by increasing the price of goods and services. The GST is a value-added tax that is levied on the supply of goods and services, and this increase in the price of goods and services may be passed on to the consumer in the form of higher prices. 7. Lack of transparency There have been concerns about the lack of transparency in the GST system, particularly with regard to the allocation of GST revenues between the central and state governments. This lack of transparency can make it difficult for businesses and individuals to understand how GST revenues are being used and can lead to mistrust in the tax system. 8. Administrative burden (burden from government side) The GST system requires businesses to maintain detailed records and file regular returns, which can be burdensome and time-consuming. This can be especially challenging for small and medium enterprises, which may not have the resources to devote to compliance with the GST rules. 9. Tax evasion Under the GST system, there have been many cases of tax evasion, where businesses didn't pay GST. In simple words, "tax evasion" means avoiding the liability of paying GST by wrongful means. Tax evasion can create unfair competition and reduce revenues for the government. 10. Exemptions in GST In India, certain goods and services are exempt from GST, which means they are not subject to GST. These exemptions are generally granted to goods and services that are considered essential or necessary, such as food, medicine, and education. Such exemptions can create unfairness and disturb the tax system. For example, essential goods such as food and medicine are taxed at a lower rate, while luxury goods and services are taxed at a higher rate. This can create inequality in the tax burden and may not be fair for all businesses and consumers. 11. Complex refund process The process of getting a GST refund can be complicated and take a long time, which can be hard for businesses that are due a refund. This can cause delays and money problems for businesses, especially small and medium-sized ones that may need the refund to meet other financial obligations. Suggestions to make GST the best Tax Structure Image via Shutterstock Despite these challenges, there are several improvements that could be made to the GST system in India to make it more suitable for the country. Some of these improvements include: - Simplification of the GST system: The GST system could be simplified by reducing the number of tax rates and streamlining the compliance process. This would make it easier for businesses to understand and comply with the GST rules. - More clarity in laws: The rules and regulations related to the GST should be clearly defined and easily accessible to businesses. This would help reduce confusion and uncertainty and make it easier for businesses to comply with the GST system. - IT infrastructure: The IT infrastructure supporting the GST system in India should be improved to ensure it is reliable and able to handle the demands of the system. This would make it easier for businesses to file their returns without much hassle. - Reduced compliance costs: The compliance costs associated with the GST system could be reduced by simplifying the rules and reducing the burden on businesses. This would make it easier for businesses, particularly small and medium enterprises, to comply with the GST system. - Expanded scope: The GST system could be expanded to cover sectors such as real estate, electricity, and alcohol that are currently not covered. This would create a more comprehensive tax system and reduce inequalities. - Improved refund process: The process for obtaining a refund of GST could be streamlined and made more efficient to reduce delays and challenges for businesses that are entitled to a refund. That's not it. There are still many different ways in which the Indian government could improve the GST system to make it more effective and efficient. However, it is up to the government and related authorities to take action to improve the GST now in order to improve the future. Frequently Asked Questions about GST: The Goods and Services Tax (GST) is a comprehensive indirect tax that has been implemented in India to replace a number of indirect taxes that were previously levied by the central and state governments. The following are some of the frequently asked questions about the Goods and Services Tax (GST) on the internet: What is GST? Explain in a few words.Goods and Services Tax (GST) is a value-added tax levied on the supply of goods and services. It is collected at every stage of the supply chain, from the manufacturer to the retailer, and is paid by the final consumer.What are the 3 types of GST?GST is a tax that is levied on the purchase price of goods and services.It is collected by the government. There are three types of GST:1. Central GST (CGST): This is a tax collected by the central government on the supply of goods and services within a state.2. State GST (SGST): This is a tax collected by the state government on the supply of goods and services within a state.3. Integrated GST (IGST): This is a tax collected by the central government on the supply of goods and services between different states in India.Who is the Father of GST in India?The former Prime Minister of India, Atal Bihari Vajpayee, is often referred to as the "Father of GST" in India. It was during his tenure as Prime Minister that the GST was first proposed, and efforts were made to bring about its implementation.Who has to pay GST in India?In India, GST is paid by the final consumer of goods and services. It is collected at every stage of the supply chain, from the manufacturer to the retailer, and is paid by the final consumer. GST: The foundation of a solid tax structure No doubt, GST is a game-changer in Indian tax history. However, the government needs to fix the flaws in the system to make it future-proof. If the government is successful, it will help boost government revenues while also contributing to overall economic development. Visit: ImRishabh.com to know more about this! Read the full article
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Why GST is not suitable in India? 11 reasons explained
Goods and Services Tax (GST) is an indirect tax introduced in India in 2017. The main goal of the GST was to simplify the way taxes are collected and paid on goods and services across the country. The government faced many challenges while introducing GST in India, including complexity, lack of clarity, unreliable IT infrastructure, high compliance costs, and limited scope. So, why the GST has not been as successful in India. And what are the potential improvements that could make the GST the best tax structure? Why GST is not suitable in India? Despite its potential benefits, the GST has faced several challenges in India that have made it less suitable for the country. The following are the main reasons why the GST is not suitable for India: 1. Complexity The GST system in India is relatively complex, with multiple tax rates and rules that can be difficult for businesses to navigate. This complexity can create compliance issues. Besides, it'll increase the cost of doing business, as now they may need to seek the help of tax professionals to understand and comply with the GST rules. 2. Lack of clarity There is often a lack of clarity around the rules and regulations related to the GST, which can lead to confusion and uncertainty for businesses. 3. IT infrastructure The GST system in India relies heavily on IT infrastructure, which can be unreliable and prone to technical issues. This can create problems for businesses that need to file their GST returns or access important information online. 4. High compliance costs The GST system can be resource-intensive for businesses, as they are required to maintain detailed records, file returns, and pay taxes on a regular basis. This can create a burden on businesses, especially small and medium enterprises, which may not have the resources to comply with the GST rules. 5. Limited scope The GST system in India currently only covers goods and services and does not include important sectors such as real estate, electricity, and alcohol. This can create inequities and distort the tax system. 6. Inflation Inflation, in simple words, is that stage in an economy when things start getting more expensive. Some tax experts believe that the GST has contributed to inflation in India by increasing the price of goods and services. The GST is a value-added tax that is levied on the supply of goods and services, and this increase in the price of goods and services may be passed on to the consumer in the form of higher prices. 7. Lack of transparency There have been concerns about the lack of transparency in the GST system, particularly with regard to the allocation of GST revenues between the central and state governments. This lack of transparency can make it difficult for businesses and individuals to understand how GST revenues are being used and can lead to mistrust in the tax system. 8. Administrative burden (burden from government side) The GST system requires businesses to maintain detailed records and file regular returns, which can be burdensome and time-consuming. This can be especially challenging for small and medium enterprises, which may not have the resources to devote to compliance with the GST rules. 9. Tax evasion Under the GST system, there have been many cases of tax evasion, where businesses didn't pay GST. In simple words, "tax evasion" means avoiding the liability of paying GST by wrongful means. Tax evasion can create unfair competition and reduce revenues for the government. 10. Exemptions in GST In India, certain goods and services are exempt from GST, which means they are not subject to GST. These exemptions are generally granted to goods and services that are considered essential or necessary, such as food, medicine, and education. Such exemptions can create unfairness and disturb the tax system. For example, essential goods such as food and medicine are taxed at a lower rate, while luxury goods and services are taxed at a higher rate. This can create inequality in the tax burden and may not be fair for all businesses and consumers. 11. Complex refund process The process of getting a GST refund can be complicated and take a long time, which can be hard for businesses that are due a refund. This can cause delays and money problems for businesses, especially small and medium-sized ones that may need the refund to meet other financial obligations. Suggestions to make GST the best Tax Structure Image via Shutterstock Despite these challenges, there are several improvements that could be made to the GST system in India to make it more suitable for the country. Some of these improvements include: - Simplification of the GST system: The GST system could be simplified by reducing the number of tax rates and streamlining the compliance process. This would make it easier for businesses to understand and comply with the GST rules. - More clarity in laws: The rules and regulations related to the GST should be clearly defined and easily accessible to businesses. This would help reduce confusion and uncertainty and make it easier for businesses to comply with the GST system. - IT infrastructure: The IT infrastructure supporting the GST system in India should be improved to ensure it is reliable and able to handle the demands of the system. This would make it easier for businesses to file their returns without much hassle. - Reduced compliance costs: The compliance costs associated with the GST system could be reduced by simplifying the rules and reducing the burden on businesses. This would make it easier for businesses, particularly small and medium enterprises, to comply with the GST system. - Expanded scope: The GST system could be expanded to cover sectors such as real estate, electricity, and alcohol that are currently not covered. This would create a more comprehensive tax system and reduce inequalities. - Improved refund process: The process for obtaining a refund of GST could be streamlined and made more efficient to reduce delays and challenges for businesses that are entitled to a refund. That's not it. There are still many different ways in which the Indian government could improve the GST system to make it more effective and efficient. However, it is up to the government and related authorities to take action to improve the GST now in order to improve the future. Frequently Asked Questions about GST: The Goods and Services Tax (GST) is a comprehensive indirect tax that has been implemented in India to replace a number of indirect taxes that were previously levied by the central and state governments. The following are some of the frequently asked questions about the Goods and Services Tax (GST) on the internet: What is GST? Explain in a few words.Goods and Services Tax (GST) is a value-added tax levied on the supply of goods and services. It is collected at every stage of the supply chain, from the manufacturer to the retailer, and is paid by the final consumer.What are the 3 types of GST?GST is a tax that is levied on the purchase price of goods and services.It is collected by the government. There are three types of GST:1. Central GST (CGST): This is a tax collected by the central government on the supply of goods and services within a state.2. State GST (SGST): This is a tax collected by the state government on the supply of goods and services within a state.3. Integrated GST (IGST): This is a tax collected by the central government on the supply of goods and services between different states in India.Who is the Father of GST in India?The former Prime Minister of India, Atal Bihari Vajpayee, is often referred to as the "Father of GST" in India. It was during his tenure as Prime Minister that the GST was first proposed, and efforts were made to bring about its implementation.Who has to pay GST in India?In India, GST is paid by the final consumer of goods and services. It is collected at every stage of the supply chain, from the manufacturer to the retailer, and is paid by the final consumer. GST: The foundation of a solid tax structure No doubt, GST is a game-changer in Indian tax history. However, the government needs to fix the flaws in the system to make it future-proof. If the government is successful, it will help boost government revenues while also contributing to overall economic development. Visit: ImRishabh.com to know more about this! Read the full article
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Who Is Techno Gamerz (Ujjwal Gamer) & All About Techno Gamerz Net Worth
If you're interested in knowing who Techno Gamerz is or Techno Gamerz net worth, then this article is for you! We've collected the information from Techno Gamerz's Official Sources such as his Instagram account, live streams, etc. Ujjwal Chaurasia, also known as Techno Gamerz, has acquired a tremendous following of 22 million subscribers at the age of 19. He makes video content based on online games like GTA 5, Minecraft, and others, and he's taking over the internet with his unique and entertaining stuff. Read the full article
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The 8 Best Android Launcher Apps With Awesome Features
One of the best features of Android is its flexibility. As an open system, third-party apps can easily replace core features like your launch. We've compiled a list of the top third-party app launchers available on the Google Play Store right now, great for customizing the look and feel of your phone. Even better, we'll keep this collection up to date with new and fascinating launchers. You won't have to waste time digging around the Play Store to locate the best options with this guide because Android Scientist has already done the legwork for you. Read the full article
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Why Games Lag When a Smartphone Starts Heating
Have you ever wondered why games lag on Android or reduce FPS when a smartphone starts heating up? If not, no worries! We are here for everything Techy. As you all know, mobile games are improving all the time, particularly in terms of graphics, features, gameplay, etc.As a result, newer games such as PUBG Mobile, Genshin Impact, and Call of Duty Mobile consume a significant amount of your phoneâs resources. Given how demanding these games are, overheating becomes an issue. Isnât it? Read the full article
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Top 5 Best High Refresh Rate Games for Android
Do you own a Smartphone with a high refresh rate panel and need some best high refresh rate games on android? No worries! Nowadays, most gamers are buying smartphones that come with high refresh rate panels, say 90 Hz, 120 Hz, and even higher sometimes. But, there are rarely a few articles on the web that talk about âwhich games support high refresh rate.â In the guide, weâve listed the 5 Best games for everyone who wants to get the best gaming experience on 90 or 120 Hz. For those who are still confused with what âHzâ means? Read the full article
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Latest Android 12 Wallpapers Download for Free in HD Quality
The latest Android 12 wallpapers are surely breathtaking! You can easily download the wallpapers from this page. The new OS is already available for Pixel phones that meet the requirements. Aside from Google devices, certain models from major Android OEMs are being tested. If you're looking to download cool (Android 12 wallpaper 4k), then look no further! This article contains download links for various wallpapers categories; whether it's OnePlus or Google Pixel 6 wallpapers, we've got your back.
What Is Android 12 â a Quick Overview
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Does Android GFX Tool Lead to a BAN in Online Games?
This is one of the most asked questions with our Tech Talk series (where we explain everything Tech). Many people have requested on our mail that is it possible to unban them (according to them, they're banned because of GFX Tools)? So, if you are a gamer, you must know the absolute truth, and we are here to help you with that! Stay connected till the end, and you'll be able to know whether using a GFX Tool is safe or not. One thing to note here is that we can assure you that "using such tools to modify graphics of an offline game is 100% safe."
What Is a GFX Tool?
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Top 15 Main Reasons to Root Android Smartphone
Are you thinking about why to root Android? Don't worry as this guide will take you through several benefits and everything about rooting your Android phone. Rooting is the process of granting supreme or complete control (known as root access) over various Android subsystems to users of the Android operating system. Because Android is based on a modified version of the Linux kernel, rooting an Android device grants administrative (superuser) permissions in the same way that rooting a Linux or other Unix-like operating system does. If you're looking for some valid reasons before rooting your Android smartphone, then look no further! Read the full article
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Girl Cafe Gun: Strategy Guide, Tips and Tricks
Girl Cafe Gun is a role-playing game in the style of a visual novel with many interactions and realistic motions. If you're looking for the best Girl Cafe Gun guide, then look no further! The stages in this game are frequently sprawling, with lots of corridors and open spaces, and they often end with a slew of enemies or, on rare occasions, powerful bosses. Girl Cafe Gun is a game in which you alternate between tending to your cafe and leading your girls into battle, as the name suggests. These battles occur in real-time and in an isometric perspective, with both your characters and your opponents shooting at each other until only one side remains. Read the full article
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Everdale Guide: Tips to Progress Quickly in the Game
Everdale is a Supercell-developed village-building simulation game that was recently soft-launched in a number of countries around the world. For you and your friends, the sky is the limit in this game. You can create a peaceful village and live in your own community with Everdale. If you're new to Everdale, we've put together a list of essential beginner tips that will help you out as you progress. So, let's start with this Everdale guide.
Everdale Guide: Tips to Progress Quickly
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The 4 Best Free Fire Hacking Apps That Works Like Charm
Garena Free Fire has recently become one of the most popular battle royale games on the planet. As a result, the expectation is growing by the day. Free Fire makes an effort to provide enticing rewards to its viewers. Previously, Free Fire offered free diamonds in exchange for playing the game or watching rewarded advertisements. There is currently no way to obtain free diamonds. So, today we'll talk about Free Fire Hacking App (Latest) that is 100% working.
Free Fire Hacking App - Working And Tested
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The 10 Best Money Earning Apps in India (Updated List)
Are you thinking of generating income in your extra time in this sky-high-priced globe? What If well tell you that's easy with some best money earning apps? Awesome! Right.In fact, generating income has become a necessary part of life. Without enough money, it is difficult to lead a healthy, balanced and satisfying life. Indeed, because of this, cash is at the top of virtually everyone's list of top priorities.We lose a lot of time on meaningless tasks. What happens if we utilized our time intelligently as well as transform the variety of minutes right into financial worth? So, If you're looking for some amazing free apps to earn money, then look no further! Read the full article
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