Business Taxations

Concept and evolution of GST; indirect tax structure in India; objectives and features of GST; One Nation One Tax concept; GST Council and GSTN; structure of GST (CGST, SGST, UTGST, IGST); GST rates and classification; GST registration process including compulsory registration, exemption, cancellation, and GSTIN; overview of advantages and limitations of GST system.

Levy and collection of GST; persons/entities liable to pay tax; composition scheme; input tax credit (ITC); eligibility, conditions, ineligible credits, and reversal; Input Service Distributor (ISD); tax invoices and related documents-credit note, debit note, bill of supply, receipt voucher; payment mechanisms through electronic cash, credit, and liability ledgers.

Overview of GST returns; filing procedures and compliance timelines; audit under GST; departmental audit procedures and assessment mechanisms; demand and recovery provisions; overview of GST accounting software; GST ledger creation, tax entries, return generation, and online GST portal operations.

Introduction to customs law; types of customs duties—basic, countervailing, safeguard, anti-dumping, and protective duties; valuation principles of imported and exported goods; import and export procedures; warehousing provisions; baggage rules and exemptions; duty drawback system; customs compliance provisions for concessional imports.

GST and customs impact on business decision-making; tax planning strategies under indirect taxation; GST compliance challenges in real business environments; role of digital taxation tools and automation; recent amendments and policy updates in GST and customs law; e-invoicing and emerging compliance technologies; overview of dispute resolution mechanisms and tax governance practices. Practical Activities 1. Exploration of the GST portal interface through a guided demonstration, including login procedures, return selection, ledger verification, and return filing workflow. 2. Classification of products and services under appropriate GST slabs from the given list and determining the applicable tax components like CGST, SGST, IGST, or UTGST for intra-state and inter-state transactions using sample invoices.