CS Professional Advance Tax Laws Important Topics

CS Professional Advance Tax Laws Important Topics

• Development of goods and services tax in India.

• In what manner the duty of customs and Goods and Services Tax an important source of indirect tax? Appointment of customs ports, airports.

• Taxable event under custom.

• Basic customs duty vs additional customs duty/countervailing duty

• Safeguard duty.

• Determination of nature of supply

• Anti-dumping duty (add) on dumped articles

• Determination of the method of valuation – rule 3 and deductive value method – customs (also very important for sums)

• Relevant date for determination of the Rate of duty and tariff valuation

• Rejection of declared value (rule 8)

• Relevant date for determination of rate of duty and tariff valuation

• Re-importation of goods (section 20) duty on pilfered goods (section 13) goods derelict, wreck, etc. (section 21) remission of duty on lost, destroyed or abandoned goods (section 23) power to grant exemption from duty (section 25) recovery of duties not levied or not paid or short-levied or short-paid (section 28)

• How is the rate of duty determined in case of export goods? What is the procedure and conditions of provisional assessment of customs duties? State the circumstances under which refund of export duty is permitted, delivery of import manifest (section 30); bill of entry, procedure of bill of entry under e-filing, ice-gate, clearance of goods for home consumption, distinctions between transit & transhipment.

• Warehousing, appointment of public warehouses, warehousing bond, manufacture and other operations in relation to goods in a warehouse, removal of goods from one warehouse to another, (also practice sums from this chapter), what are ‘public’ (bonded) warehouses and ‘private (bonded) warehouses?

• Duty drawback (section 74 to 76), payment of interest on drawback, brand rates & special Brand rates, bonafide baggage exempt from duty, read the baggage valuation charts and
Practice sums from here.

• What do you mean by stores? When 100% of duty is refunded as a duty drawback on Stores? Power to search suspected persons entering or leaving India(section 100) vs. power to search suspected persons in certain other cases (section 101)

• Power to screen or x-ray bodies of suspected persons for detecting, secreted goods, refusal to be x-rayed

• Application for an advance ruling [Section 28H], filing an appeal before CESTAT, the procedure in appeal (section 128A), what are the matters in respect of which an appeal can be made before CESTAT? Explain briefly the concept of settlement commission? Doctrine of promissory estoppel

CS Professional Advance Tax Laws Important Topics

CS Professional Advance Tax Laws Important Topics

• Concept of dual Goods and Services Tax

• Various taxes subsumed under Goods and Services Tax

• Advantages of Goods and Services Tax

• Define: business vertical, composite supply , continuous supply of goods, location of the recipient of services, location of the supplier of services, mixed supply, place of business, scope of supply, tax liability on composite and mixed supplies, composition levy, taking input tax credit in respect of inputs and capital goods sent for job work

• Persons liable and not liable for registration under Goods and Services Tax, provisions relating to casual taxable person and non-resident taxable person, cancellation of registration

• Invoices under Goods and Services Tax, accounts and other records to be maintained under Goods and Services Tax ?, returns – process and time limits under Goods and Services Tax

• Furnishing details of inward supplies & outward supply, matching, reversal and reclaim of reduction in output tax liability, annual return,

• Good: and services tax practitioners role of CS, who can be: Goods And Services Tax practitioner,
• Transfer of input tax credit, refunds of tax under Goods and Services Tax, provisional assessment, assessment of non-filers of returns, audit by taxi authorities vs. special audit, power of inspection, search and seizure under Goods and Services Tax, power to summon persons to give evidence and produce documents

• Tax collected but not paid to government, under Goods and Services Tax, liability in case of company in liquidation, provisions of advance ruling under Goods and Services Tax

• Penalty under Goods and Services Tax – make a chart of the various penalties so you do not forget the amounts and reasons for penalty, presumption of culpable mental state

• Migration of existing taxpayers, transitional. Arrangements for input tax credit, common portal -GSTN, goods and service tax compliance rating, anti-profiteering measure under Goods and Services Tax, summary of goods and services tax (compensation to states) Act

CS Professional Advance Tax Laws Important Topics

CS Professional Advance Tax Laws Important Topics

CS Professional Advance Tax Laws Important Topics