Syllabus (COMMERCE)

Course Type: MAJ-4

Semester: 4

Course Code: BBCOMMAJO4T

Course Title: Indirect Tax Laws

(L-P-Tu): 5-0-1

Credit: 6

Practical/Theory: Theory

Course Objective: The course aims to: 1. Impart knowledge of principles and provisions of GST and Customs Law, the important legislation dealing with indirect tax system in India; 2. Impart knowledge about the process of registration under GST and its need; 3. Enable the students to apply the principles and provisions of GST in levy and collection of GST. 4. Impart skills for payment of taxes, maintenance of records & submission of return

Learning Outcome: After completion of the course, learners will be able to: 1. Analyse the rationale of Goods and Services Tax (GST), constitutional amendment carried out to install GST in India and comprehend the composition and working of GST council; 2. Interpret the meaning of supply under GST law, differentiate between intra-state and inter-state supply, provisions related to place of supply, time of supply and compute the value of supply; 3. Evaluate the utilization of input tax credit and the provisions of reverse charge mechanism; 4. Analyse various returns under GST and payment of taxes; and 5. Evaluate the concepts of Customs Act, various custom duties and computation of the assessable value for charging customs duty

Subject: Indirect Tax Laws

Unit 1. Introduction: (Lectures: 10)

Basic concepts about Indirect Tax. Indirect taxes before GST: An overview; Concept of VAT; Major shortcomings in the structure of Indirect taxes prior to the GST. Need of GST in India; Genesis and Salient features of GST; Advantages and challenges of GST.

Unit 2. Registration: (Lectures: 15)

Process of Registration under GST; Compulsory Registration, Liability for Registration, Exemption from Registration, GST Unique Identity Number (GSTIN), Documents required for GST registration.

Unit 3: Levy and Collection of GST: (Lectures: 10)

Taxable event; ‘Supply’ of Goods and Services; Composite Supplies, Mixed Supplies; Place of Supply; Time of Supply; Schedules in GST; Small supplies and composition scheme.

Unit 4: Input Tax Credit (ITC): (Lectures: 10)

Eligibility and Ineligibility for Input Tax Credit; Tax Credit in respect of Capital Goods; Recovery of Excess Tax Credit; Reverse Charge Mechanism, Job work.

Unit 5: Payment of Taxes, Maintenance of Records & Submission of Return: (Lectures: 15)

Maintenance of Records, Mode of payment, Process of payment, Maintenance of e- ledgers, ITC utilization rules, Types and periodicity of Returns, Matching Input Tax Credit.

Unit 6: Custom Law: (Lectures: 15)

Basic concepts of Custom Law, Territorial Waters, High seas, Types of Custom Duties-Basic custom duty, Countervailing & Anti-Dumping Duty; Safeguard Duty, Valuation, Customs Procedures, Import & Export Procedures, Baggage, Exemptions.

Reading References:

Agarwal, R.K., Taxmann’s GST, Taxman Publisher

Datey, V.S., GST Input Tax Credit, Taxman Publisher

Datey, V.S., GST Ready Reckoner, Taxman Publisher

Garg and Garg, Handbook of GST in India- Concepts and Procedures, Taxman Publisher

Mehrotra, H.C. & Agarwal, V.P., Goods and Services Tax (G.S.T), Sahitya Bhawan Publications

Singhania, A., GST Practice Manual, Taxman Publisher