Despite the complications faced by the common man in implementation of GST in their concerned organizations as well as gaining an understanding of the new taxation system put in place, an attempt has been made to provide an insight to the taxation system introduced by the Government effective from 1st July, 2017.
All the acts, rules, notifications, circulars and other relevant text have been compiled in a meticulous and methodical manner with the sole purpose of providing an insight to the readers. We have made an attempt to transform technicalities in legal provisions into simplified analysis thereby providing the readers a wholistic insight on each topic covered under several chapters complied in this book. Series of illustrations, FAQs, MCQs, unsolved problems under the heading of knowledge testers incorporated in each chapter is devised in a way to maximize the understanding of readers on each topic with ease.
- Legal provisions simplified for ease of understanding.
- Apt with syllabus.
- MCQs included.
- Knowledge testers both theory & practical for better understanding.
- Writer's enlightenment for deeper insight.
- Latest amendments incorporated.
Unit I – Introduction
Unit II – Levy and Collection of GST
- Constitutional Framework of Indirect Taxes Before GST (Taxation Powers of Union and State Government)
- Concept of VAT
- Major Defects in the Structure of Indirect Tax Prior to GST
- Rationale for GST
- Structure of GST
Unit III – Input Tax Credit
- Taxable Event Supply of Good & Service Tax
- Place of Supply
- Time of Supply
- Value of Supply
- Exemption from GST
- Classification of Good or Services
Unit IV – Procedures
- Eligible and Ineligible Input Tax Credit
- Apportionment of Credit and Blocked Credits
- Recovery of Excess Tax Credit
- Availability of Tax Credit in Special Circumstances
- Manner of Distribution of Credit by Input Service Distributor
- Payment of Taxes
- Reverse Charge Mechanism
- Job Worker
Unit V – Special Provisions
- Tax Invoice
- Audit Under GST
- Assessment: Self-Assessment, Summary and Scrutiny
Unit VI – Customs Law
- Taxability of E-Commerce
- Anti-Profiteering Clause
- Avoidance of Dual Control
- E-way Bill
- Zero-Rated Supply
- Offences and Penalties
- Basic Concepts
- Territorial Water of India
- High Seas
- Type of Customs Duty
- Valuation under Customs Act
- Baggage Rules and Exemptions