GST - Post Migration Masterclass (Chennai)
GST has been introduced in India from 1st July 2017. Post Migration there are a lot of key areas of concern like Immediate Compliance requirements, Input Tax Credit Mechansim, Payment of Taxes, Maintenance of Accounts, Invoicing. There are key very large areas of concern for the industry like Anti Profiteering Mechanism and the newly introduced E Way Bill where there`s a lot of information still under the wraps. Post Migration there are expectations on clarity on some of these issues from the government.
In order to address those key areas of concern, CorpKonnect is organizing a Full Day Methodical Masterclass on GST - Post Migration Issues and Key Focus Areas of compliance.
Objectives of the Masterclass:
- Understand the basic mechanism of GST
- Better preparedness to comply with immediate compliance requirements
- To build practical knowledge and analysis of GST obligations
- Understanding the Key areas of Input Tax Credit for business benefits
- 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: Concept of Indian GST
- Concept of `Supply`
- Supply without Consideration
- Time of Supply
- Place of Supply
GST Latest Developments
GST – Key Impact Areas on Business Functions
Session 3: Input Tax Credit
- 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
Composition Levy, E Way Bill and Other Issues
Other key concern areas post Migration
Session 3: GST Compliance – Deadlines and Processes
GST Return Filing Process & Due Dates:
- Filing GSTR-1
- Filing GSTR-2
- Filing other forms
- Invoice Matching
- Late Fees for delay in filing GST Returns
Payment of Taxes – Rules and Process
- Main features of GST payment process
- Payment Options
- All other intricacies related to Payment of GST
Reverse Charge Mechanism and Related Developments
GST – Accounts Maintenance and other Key Areas
- Classification of Goods and services
- Maintenance of Accounts
- Tax Invoice, Bill/Cash Memo
- Debit Note/ Credit Note
Session 4:Key Compliance Issues still left in the bucket Post Migration
- Input/ Input services in transit
- Last Returns before GST Returns
- Input on Tax Paid Stock
- Sales Return
- Price revision of existing contracts
Karthik Law Chambers
Karthik Sundaram, is a qualified advocate with more than a decade of experience in the field of indirect taxes and commercial litigation. He graduated from the Symbiosis Law College, Pune and currently has his own independent law practice in Chennai. His area of specializationincludes Customs, Excise, VAT, Service tax, Foreign Trade Policy, and, the emerging GST law.
He was previously a partner with Economic Laws Practice- Chennai (‘ELP’), a leading pan India law firm specializing in taxes and was heading their Chennai practice. He has also worked as Junior counsel to eminent Senior Counsel – Mr. Arvind P. Datar, and, was prior to that a part ofthe Mumbai office of ELP.
Karthik has been instrumental in effectively advising various multi-national companies and large Indian companies on their indirect tax related issues across diverse industry segments. He has also been involved in various leading tax litigation(s) in Chennai and his practice covers representation before the adjudicating authority, Appellate Tribunal and the High Court.
He was a part of the Expert Committee on Indirect taxes of the Madras Chamber of Commerce and has many publications in leading tax journals to his credit. He has also been recognized for his work in the RSG-India Report 2015.
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,