Goods and Services Tax to be part of Delhi University's commerce curriculum

NEW DELHI: Delhi University is all set to introduce the concept of historic Goods and Services Tax (GST) in the curriculum of all commerce programs.

Students pursuing commerce courses from the university will now have to mug GST up alike credit and debit.

GST, believed to be the country's biggest tax reform since independence, had replaced all other existing indirect taxes in order to establish a common market from July 1.

The varsity 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 endorsed this to the university's executive council, reported India Today.

The move is aimed to enlighten the commerce students with the newly introduced tax reform. The 'one nation one tax' concept will be incorporated from the present academic session and the courses' content will be subjected to necessary changes in accordance with the recent developments on GST.

"So far, goods and services tax was not included in the curriculum. Going by the status quo, it is important that students understand the tax well. We are awaiting a formal notification from the university and will include it in the curriculum for this academic year," said Reena Chadha, professor at Shri Ram College of Commerce.

The curriculum is likely to include the concepts of the constitutional framework of indirect taxes before GST, which include taxation powers of union and state governments, VAT, rationale and structure of GST, GST council, GST network, state compensation mechanism and registration, etc.

Also, levy and collection of GST, which will cover taxable events like supply of goods and services, places of supply like within state, interstate, import and export, time of supply, valuation rules, taxability of reimbursement of expenses, and exemption from GST will be taught as part of the curriculum.

 

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