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
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
Basis of Chargeability of Duties of Central Excise – Goods, Manufacture, Classification and Valuation of Excisable Goods
CENVAT Credit Mechanism
Registration, Assessment, Provisional Assessment, Manner of Payment of Duty, Exemption, Recovery and Refunds of Duties
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
Exemption to First Clearance of Specified Goods
Export Incentives under Central Excise such as SEZs, STPI, EHTP, EPZ
Investigation, Adjudication, Appeal and Revision, including Appearance before CESTAT by Company Secretary as Authorized Representative; Settlement of Cases, Advance Ruling
Search, Seizure, Arrest, Prosecution and Compounding; Offences and Penalty
Miscellaneous Provisions under Central Excise
Customs Laws
Levy of Customs Duties, Types of Customs Duty Leviable, Tariff Classification & Exemptions, Valuation of Imported and Exported goods
Provision of Assessment, Payment of Duties, Recovery and Refund of Customs Duties
Duty Drawback
Procedure for Clearance of Imported and Exported Goods
Transportation and Warehousing
Confiscation of Goods and Conveyances and Imposition of Penalties; Search, Seizure and Arrest, Offences and Prosecution Provisions
Adjudication, Appeal and Revision; Settlement of Cases, Advance Ruling
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