PAPER-6 Goods and Services Tax (GST) & Corporate Tax Planning CS Professional Mod 2 Electives

Taught by Faculties:


Objective :

*To provide expert knowledge of Goods and Services Tax.
*To provide expert knowledge on Corporate Tax Planning conforming to the legal obligations and requirements of the Income Tax Laws.
 Level of Knowledge : Expert Knowledge
 Detailed Contents

1. Overview on Goods and Services Tax ‘GST’:

*Constitutional Aspects & Administration
*GST Models
*Basics about CGST, SGST, IGST, UTGST and GST Compensation to States
*Exemptions from GST

2. Supply under GST:

*Levy and Collection of CGST and
*GST l Deemed Supply
*Composite and Mixed Supply
*Inter-State Supply
*Intra-State Supply and Supplies in Territorial Waters
*Composition Scheme
*Pure Agent
*Forward Charge Mechanism and Reverse Charge Mechanism  

3. Time of Supply:

*Classification of Goods and Services under GST
*Rules of Interpretation
*Time of Supply of Goods
*Time of Supply of Services

4. Value of Supply:

*Rules for Determination of Value of Supply
*Applicability of Valuation Rules
*Import and Export of Goods and Services under GST
*Zero Rated Supply
*Difference between Exempt Supply and Zero-Rated Supply

5. Input Tax Credit & Computation of GST Liability:

*Input tax credit
*Job Work
*Job Work Procedure
*Computation of GST liability

6. Procedural Compliance under GST:

*Tax Invoice, Debit & Credit Notes
*Accounts and Records
*Electronic Way Bill
*Electronic Invoicing,
*Payment of Tax
*Returns & Refund

7. Assessment, Audit, Scrutiny, Demand and Recovery, Advance Ruling, Appeals and Revision:

*Audit by Registered Dealer
*Audit by Tax Authorities
*Special Audit
*Demand and Recovery
*Time Limit for Issue of Notice
*General Provisions Relating to Determination of Tax
*Recovery of Tax
*Advance Ruling
*Appeals and Revision

8. Inspection, Search, Seizure, Offences & Penalties:

*Inspection, Search, Seizure & Arrest
*Power of Inspection, Search and Seizure
*Inspection of Goods in Movement
*Arrest Provision under GST
*Particulars of Search Authorization (Warrant)
*Period for Retention of Documents or Books
*Procedure for Releasing the Seized Goods
*Seizure of Perishable and Hazardous Nature Good

9. Compliance Rating, Anti-Profiteering, GST Practitioners, Authorized Representative:

*GST Compliance Rating
*National Anti-Profiteering Authority
*GST practitioners
*Functions of GST Practitioners
*Appearance by the Authorized Representative
Part II: Corporate Tax Planning (30 Marks)

10. Corporate Tax Planning:

*An Introduction
*Concepts & Objectives
*Types of Tax Planning
*Corporate Tax Planning
*Tax Avoidance
*Tax Evasion
*Tax Management.

11. Tax Planning and Nature of Business

*Deductions in respect of Investment in Specified Business
*Deduction in respect of profits and Gains of enterprise engaged in Specified Business
*Tax incentives for start-ups
*Tax Incentives to Exporters.  

12. Tax Planning and Location of Business:

*Tax Provisions in respect of Free Trade Zone / Special Economic Zone
*Tax Provisions in respect of Infrastructure Development

13. Tax Planning and Managerial Decisions:

*Tax Planning with respect to own or Lease Decision
*Make or Buy Decisions, Shut-down or Continue Decision
*Sale of Assets used for Scientific Research
*Capital Structure & Dividend Policy
*Inter-Corporate Dividends and Bonus Shares

14. Tax Planning and Business Restructuring:

*Foreign Collaboration
*Demerger including Slump Sale *Tax Provisions in respect of Investment in notified Backward Areas