Ignou launches programme on GST for small businesses

The Indira Gandhi National Open University (Ignou) has launched a course on Goods and Services Tax (GST) to facilitate small businesses, say media reports.

The programme will be launched by Ignou’s School of Management in conjunction with the Bombay Stock Exchange (BSE), and the admission process for the programme will commence from July 2019. The candidates who are planning to join the programme should be class XII qualified.

The primary objective of the programme is to impart skills to bookkeeping professionals to file various regular GST returns along with the various compliance requirements.

The university, in a statement, 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.”

The GST awareness programme consists of seven modules including, Understanding GST concept, Incidence of Taxation, Registration, Calculation of Tax Liability, Maintenance of Books, Payments under GST, and 22nd & 23rd GST Council Meeting for change in GST.

GST is a comprehensive indirect tax imposed on the supply of goods and services in India. Last month, the GST Council notified that its decision taken in its 32nd Meeting, held on January 10, 2019, is set to come into effect from April 1, 2019, and impact tax thresholds for MSMEs.

According to a government release, there will now be two threshold limits for exemption from registration and payment of GST, and states will be given the option to decide on the limit.

Earlier this year, the GST Council had approved the basic principles of GST return design and directed the law committee to finalise the return formats and changes in the law. The new return design provides a facility for amendment of invoice and also other details filed in the return.

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