CS Professional - ADVANCED TAX LAWS AND PRACTICE

MODULE 3 PAPER 7

ADVANCED TAX LAWS AND PRACTICE

The subject of Advanced Tax Laws is inherently complicated and is subjected to constant refinement through new primary legislations, rules and regulations made thereunder and court decisions on specific legal issues. It therefore becomes necessary for every student to constantly update himself with the various changes made as well as judicial pronouncements rendered from time to time by referring to the Institutes journal ‘Chartered Secretary’ and ‘Student Company Secretary e-bulletin’ as well as other law/professional journals on tax laws. The purpose of this study material is to impart conceptual understanding to the students of the provisions of the Indirect Tax Laws (GST and Customs) and Direct Tax & International Taxation covered in the Syllabus.

PART A: Direct Tax Management (30 Marks)

Chapter 1: Taxation of Individual Entities, Partnership, LLP, Companies.

Chapter 2: International Taxation Covering Taxation of Non Resident Entities, Advance Ruling, Transfer Pricing, Direct tax Avoidance Agreement.

Chapter 3: Case studies and Practical Problems covering Advance Tax Planning relating to Companies and Business Entities.

Part B: Central Excise, Customs, VAT and Service Tax (70 Marks)

Introduction

1. Special Features of Indirect Tax Levies – All Pervasive Nature, Contribution to Government Revenues; Constitutional Provisions Authorizing the Levy and Collection of Duties of Central Excise and Customs

Central Excise Laws

1. Basis of Chargeability of Duties of Central Excise – Goods, Manufacture, Classification and Valuation of Excisable Goods

2. CENVAT Credit Mechanism

3. Registration, Assessment, Provisional Assessment, Manner of Payment of Duty, Exemption, Recovery and Refunds of Duties

4. Clearance of Excisable Goods; Invoice System, Central Excise Bonds; Maintenance of Accounts and Records and Filing of Returns, Large Tax Payer Units, Excise Audit 2000, Audit u/s 14 and 14AA of Central Excise Act 1944

5. Exemption to First Clearance of Specified Goods

6. Export Incentives under Central Excise such as SEZs, STPI, EHTP, EPZ

7. Investigation, Adjudication, Appeal and Revision, including Appearance before CESTAT by Company Secretary as Authorized Representative; Settlement of Cases, Advance Ruling

8. Search, Seizure, Arrest, Prosecution and Compounding; Offences and Penalty

9. Miscellaneous Provisions under Central Excise

Customs Laws

1. Levy of Customs Duties, Types of Customs Duty Leviable, Tariff Classification & Exemptions, Valuation of Imported and Exported goods

2. Provision of Assessment, Payment of Duties, Recovery and Refund of Customs Duties

3. Duty Drawback

4. Procedure for Clearance of Imported and Exported Goods

5. Transportation and Warehousing

6. Confiscation of Goods and Conveyances and Imposition of Penalties; Search, Seizure and Arrest, Offences and Prosecution Provisions

7. Adjudication, Appeal and Revision; Settlement of Cases, Advance Ruling

8. Other Relevant Areas and Case Studies under Custom Laws and Rules

Promissory Estoppel in Fiscal Laws – Principles and Applicability with reference to Indirect Taxes

Tax Planning and Management – Scope and Management in Customs, with Specific Reference to important Issues in the Respective Areas

Goods and Service Tax (GST) – Concept and Developments

Background, Concept and Mechanism of VAT, Classification, Invoicing, Exemption, Returns, Refunds, Demands, Appeals, Revisions, Liability under VAT

Set off and Composition Scheme, Computation of VAT, Assessment, VAT on Works

Contract, Right to use Property, Rate of Tax, Procedural Aspects including Registration, Preparation and Filing of E-Returns, Audit and Appearances