GST Masterclass (Chennai)
The Lok Sabha on 29th March 2017 passed the Central GST Bill, the Integrated GST Bill, the GST Compensation Bill, and the Union Territory GST Bills following a nine-hour debate. The fifth legislation, the State GST Bill, will need to be passed by the Assemblies of each of the States and the Union Territories with legislature. The passage of the Bills marks a big step forward in India’s plans to rollout GST from July 1 2017. The GST Council had earlier finalised a four-tier GST tax structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent. GST is just not a tax reform, it`s a much larger change with its impact on every function of a business and every sector of the economy. With the government committed to introducing GST from July 2017, its implementation in India will require a great level of coordination from all corners of business. It will also require a lot of change in the supply chain management, costing analysis invoicing methodology as well as your accounting software & documentation. It is a “cross functional” issue that can affect the entire business structure and hence require input from all key business units. So in order to adapt to the changing scenario we need to prepare well in advance.
Gearing up for changes in process, training of personal and redesigning the IT systems for being GST compliant is the need of the hour. GST implementation in India will require a great level of coordination from all corners of business. It will also require a lot of change in the supply chain management, costing analysis, invoicing methodology as well as your accounting software & documentation. It is a “cross functional” issue that can affect the entire business structure and hence require input from all key business units. So in order to adapt to the changing scenario we need to prepare well in advance.
To address this larger need of the hour, CorpKonnect is organizing A Full Day GST Masterclass which would throw valuable insights on what changes you need to do in your existing system and processes to comply with GST and what would be it’s impact on your business.
Objectives of the Masterclass:
- Understand the basic mechanism of GST
- Better preparedness for implementation to minimize risk
- To build practical knowledge and analysis of GST obligations
- Understanding the technology infrastructure required in GST implementation
- Smoothening your transition to GST from the existing system
Who should Attend
- CFOs, Director Finance and other Senior Finance Professionals
- Tax Heads and Senior Tax Professionals
- Indirect Tax professionals such as VP, AVP, Sr. Managers and Managers
- Tax Lawyers
- Practising Chartered Accountants
- Supply Chain Professionals, Legal Professionals and all those stake holders who get affected by GST
Session 1: GST - Latest Developments
- The GST model in India
- Meaning of Goods and Services
- Meaning and scope of supply
- Point of Taxation
- Times of Supply Rules
Rates & Classification
Session 2: Input Tax Credit & Anti Profiteering
- Taking input tax credit
- Taking input tax credit in respect of inputs sent for job work
- Distribution of credit by Input Service Distributor
- Recovery of credit distributed in excess
- Transfer of input tax credit
Anti-Profiteering – Industry Issues
Session 3: GST Procedural Aspects
GST Return Filing Process & Due Dates:
- Filing GSTR-1
- Filing GSTR-2
- Filing other forms
- Late Fees for delay in filing GST Returns
Payment of Taxes – Rules and Process
- Main features of GST payment process
- All other intricacies related to Payment of GST
GST Refund Process
Invoicing, How to capture right GST Percentage
Other Operating Level Issues
Session 4: Transitional Provisions and Impact
- POT Transition Phase
- Credit with ISD
- Goods with Agent
- Transfer of goods to branch
- TDS during transit
- Transitional Provisions for availing CENVAT credit
Lakshmikumaran & Sridharan
Raghavan is a Chartered Accountant turned-lawyer and has more than 13 years of experience in handling litigation matters relating to Service Tax, VAT and other areas of Indirect Taxes before various forums.
He presently heads the GST, Service Tax & VAT practice of the Chennai and Hyderabad branches of Lakshmikumaran & Sridharan. He is also a prolific speaker and has imparted knowledge in various forums, seminars and training programs to participants from organizations with varied businesses and interests related to production and services.
Partner - Indirect Tax
A. K. Lunawath & Associates
Sumit Kedia is a qualified Chartered Accountant. He advises clients across various verticals such as Manufacturing, Service, Trading, Construction, Infrastructure, Educational & Entertainment Sector. He is Faculty on GST at Institute of Chartered Accountant’s of India (ICAI). Director at International Chamber of Indirect Tax Professionals (ICITP). He was awarded as the best emerging speaker at the Chartered Accountant Study Circle for the financial year 2015 – 2016.
He has made presentations at Institute of Chartered Accountants of India (ICAI,) National Academy of Customs Excise and Narcotics (NACEN), Service tax & Central Excise Commissionerate, Large Tax Payer Unit (LTU), Chartered Accountant Study Circle, Independent financial professional association, various academy’s, Large / Mid-size Corporates and various other trade forums.
He is part of panel discussion on GST at the study circle of the Institute of Company Secretaries of India and at International Chamber of Indirect Tax Professionals (ICITP). He is continuing for third year as an Indirect tax expert committee member at the prestigious Hindustan Chamber of Commerce.
Gandhi Irwin Road, Egmore, Chennai,