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Under- graduates will benefit

In a bid to upgrade the syllabus, the Delhi University is all set to incorporate Goods and Services Tax  (GST) in the curriculum of all under-graduate commerce programs.

According to a report, the academic council approved the insertion of GST in commerce courses such as B Com (Hons), B Com (Prog) and BA (Prog). Also, the body has recommended this to the university’s executive council.

The move is aimed to update students about the ongoing changes in the economic sector of country. This attempt has brought the top colleges in agreement.

The GST will be taught to students in B Com (Hons) in third and fifth semesters while B Com (Prog) students will study it during fifth and sixth semesters. If approved by the executive council, it will also be taught to BA (Prog) students in the third and fourth semesters. In a meeting concluded last week, the academic council accepted the recommendations made by the faculty of commerce and business.

Students will be taught the constitutional framework of indirect taxes prevalent  before GST, which include taxation powers of Union and State governments, the concept of VAT, rationale and structure of GST, GST council, GST network, state compensation mechanism and registration.

The curriculum is also expected to include levy and collection of GST, which will cover taxable events like supply of goods and services, places of supply like within state, inter-state, import and export, time of supply, valuation rules, taxability of reimbursement of expenses and exemption from GST.

Dr Bhibhu Pratap Sahu, an assistant professor at Sri Guru Teg Bahadur Khalsa College said, “Tax has now been simplified for our country with GST. Revenue from GST will be generated in a manner that will benefit India. Economists are expecting the tax revenue to reach rupees 2 trillion from rupees 1 billion. Students should be apprised with the times they will have to work in.”

GST is an indirect tax applicable throughout India, which replaced multiple cascading taxes levied by the central and state governments.

Under GST provisions goods and services are taxed at 0 percent, 5percent, 12 percent and 18percent. There is a special tax rate of 0.25 percent on rough precious and semi-precious stones and 3 percent on gold. Moreover,  a cess of 15 to 28 percent GST applies on few items like aerated drinks, luxury cars and tobacco products.

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