This course will help you understand the program well so you can work through it independently. As a result, you will be able to gain tools and skills that will help you keep track of your books, plan future tax burdens and complete your annual returns.

Practical in Govt. Portal
Learners interested in the Accounting, Finance, MIS, Data Analysis, Tax, and Business Management Sectors should consider enrolling in the GST course. Keeping up with the requirements of the GST has become much easier thanks to software, and this improvement is also covered in training.

The course is divided into various modules that go over the requirements of the GST, how to apply for a registration number, and how to complete various forms. The most important module is the third, which explains how to complete the different applications and documents needed to file for GST.

1. Introduction of GST
   In this module, you will learn about the Goods and Services Tax. You will learn about its importance, implementation, and the factors determining GST rates.

2. Definitions
   This module will teach you the Goods and Services Tax definitions. You will learn what they are, how they work, and their differences.

3. Rates
   This module will teach you the GST rates. You will learn the new rates that have been implemented, as well as the old ones.

4. GST Registration
   This module will teach you how to apply for GST registration and the important documents you need to apply for this registration.

5. Block credit
   An essential provision for every regular taxpayer subject to GST is in Section 17(5) of the CGST Act. This provision is also known as blocked credits.
   It establishes a list of acquisitions on which GST is charged, but the Input Tax Credit cannot be claimed for certain acquisitions by enterprises (ITC) under the GST regime. PKR Institute Courses will help you to understand and remember the important factors that should be considered while calculating ITC.

6. How to Input Claim
   This module will teach you the process for calculating ITC. It will give you explanations about Input Tax Credit, input tax credit amount, input tax credit limit, Input Tax Credit claim form, and other forms that a registered taxpayer has to file to claim the ITC.

7. GST Returns
   This module will teach you the process for filing GST returns. It will explain GST returns, forms, and other forms that a registered taxpayer must file to claim the ITC.

8. GST Due Dates
   Talking about the due dates of GST, let’s first understand the various kinds of due dates that can be applied to a GST return in this module.

9. Reverse Charge Mechanism
   The term “reverse charge” refers to a situation in which the recipient of a supply of goods or services rather than the provider of such goods or services is responsible for making tax payments about recognized categories of supply.
   This module will give you a basic understanding and how to decide whether you should use the reverse charge mechanism or not.

10. GST Reconciliation
    Reconciling the Goods and Services Tax (GST) requires matching the data on sales and purchases from each of the various returns and the sales and purchase registers.
    The task of GST reconciliation is made easier in the absence of the input tax credit, for it is not involved in the process. This module will familiarize you with the importance of the GST reconciliation process.

11. GST Entries
    This module will teach you how to make GST entries. It will explain different aspects of GST, like – GST rate and credit, how an entry is made, how a rebate is claimed, and more.

Basic Concept of TDS

TDS, or Tax Deducted at Source, is a mechanism introduced by the income tax authorities to collect tax at the source of income generation. It requires the payer of certain types of income to deduct tax at a specified percentage before making a payment to the payee. The deducted tax amount is then remitted to the government on behalf of the recipient.

Here’s a breakdown of the TDS process:

1. Applicability: TDS is applicable to various types of income, including salaries, interest, rent, professional fees, commission, royalties, and dividends, among others. The Income Tax Act, 1961, specifies the types of payments subject to TDS and the rates at which TDS should be deducted.
2. Deduction: The person making the payment, known as the deductor or payer, is responsible for deducting TDS at the time of making the payment or crediting the payee’s account, whichever is earlier. The deductor then issues a TDS certificate to the payee, indicating the amount of tax deducted.
3. Rates: TDS rates vary depending on the nature of the payment, the status of the payee (individual, HUF, company, etc.), and other relevant factors. The Income Tax Act and related rules prescribe the rates for TDS deduction.
4. Depositing TDS: The deductor is required to deposit the TDS amount deducted to the government within the specified due dates. This amount is deposited using Challan ITNS 281 through authorized banks. The TDS amount is credited to the payee’s PAN (Permanent Account Number) and can be verified through Form 26AS, which is the Annual Tax Statement.
5. Filing TDS Returns: The deductor is also required to file TDS returns periodically, providing details of TDS deductions made during the relevant period. These returns are filed online through the TRACES portal (TDS Reconciliation Analysis and Correction Enabling System).
6. TDS Certificate: The deductor issues a TDS certificate to the payee, providing details of the TDS deductions made. The payee can use this certificate to claim credit for the TDS amount deducted while filing their income tax return.

Why is Bank Reconciliation Important?

• Accuracy: Guarantees the accuracy of your financial records, reflecting the true picture of your cash flow.
• Error Detection: Helps identify any errors in your bookkeeping or bank statements, preventing financial issues.
• Fraud Prevention: This can help detect potential fraudulent activity in your bank account, safeguarding your financial assets.
• Improved Financial Control: Provides a clear picture of your cash flow, enabling better financial control and informed decision-making.

The Bank Reconciliation Process:

1. Gather Information:

   • Company Cash Records: This includes your internal records of all deposits made, checks issued, and any bank fees or interest earned during the period covered by your bank statement.
   • Bank Statement: This document issued by your bank provides details of all transactions that have occurred in your account during the same period.

2. Compare Transactions:

   • Match cleared transactions: Meticulously compare each deposit and check recorded in your books with the corresponding entries on the bank statement. Ensure dates, amounts, and payees/depositors match perfectly.
   • Identify outstanding items: These are transactions that appear in one set of records but not the other.

3. Make Adjustments:

   • For company records:
     • Add deposits in transit: These are deposits made by your company but haven’t yet been reflected on the bank statement.
     • Deduct outstanding checks: These are checks issued by your company that haven’t yet been cashed and cleared by the bank.
   • For bank statement:
     • Deduct bank service fees: These are charges levied by the bank for maintaining your account.
     • Add any interest earned: This is the income your account generates based on the average daily balance.

4. Reconcile the Balances:

   • After making necessary adjustments, both your adjusted bank balance and your adjusted cash book balance should ideally match. If they don’t, it indicates a discrepancy that needs further investigation.

5. Record Adjustments:

   • Once the reconciliation is complete, any necessary adjustments should be recorded in your company’s accounting records to ensure your financial statements reflect the accurate information.