Two days Workshop on Goods & Services Tax on 6 September & 26 September 2018 at PHD House, New Delhi

Reconciliation of Financial Statements vs. GSTR Returns/ IT Returns,  GST Audit, Annual Return for FY 2017-18

Divergent Issues & Resolution for Manufacturing, Service & Trading Sector

 

CHIEF GUEST

Shri Mahender Singh

Hon’ble Member (GST), CBIC

CHIEF GUEST

Shri S K Rahman
ADG, DGGST, Ministry of Finance

GUEST OF HONOUR

Shri Prakash Kumar*

CEO, GSTN

 

CA Bimal Jain

Chairman, Indirect Taxes Committee, PHDCCI

 

Mr. N K Gupta

Co-chairman, Indirect Taxes Committee PHDCCI

 

CA S. Venkatramani

 

CA Rakesh Garg

CA Puneet Bansal

 

CA Avinash Poddar

 

Mr. Sudipta Bhattacharjee

 

CA Rishabh Sawansukha

11.30 am – 11.45 am

11.30 am – 11.45 am

•  Understanding Input Tax Credit in GST and why it may have drastic impact on companies
• Challenges in availment of Input Tax Credit under GST
• Tax Credit reconciliations and liability under reverse charge
• ITC Matching and Mismatching – Reconciliation thereof
• Reversal of ITC – Exempt supply – How to calculate on Inputs, Input Services and Capital goods
• Wrongly availed credit/ missed to availed credit – How to reflect in GST Return and Financial Statements
• SOP for availing & utilization of Credit in Return & financial Statements

CA Puneet Bansal

Q & A Session

• Issues in Transitional credits of Manufacturing Sector
• Legal Jurisprudence on various issues pertaining to Manufacturing sector
• GST applicability on Manufacturing Sector – Overview
• Impact of Excise Exemption and VAT Exemption under Pre-GST Regime and it’s availability in GST Regime
• Issues in Classification, Exemption, Rates, etc.,
• Impact on Manufacturer Exporters – Refund
• Deemed Exports – Issues and way forward
• Inverted Duty Structure and Refund thereof
• Open Issues in Textile Sectors for claiming refund of inverted duty structure

 CA Puneet Bansal

Q & A Session

• Classification of goods/ services and respective rate
• Reverse charge liability in case of goods/ services
• Supply of services between Distinct Persons and Cross charge of Services
• How to correct mistakes pertaining to classification, levy, rate, etc in GST Return and financial Statements
• Overview of disclosures to be made in Table 5 of the GSTR 3B pertaining to NiL Rated/ Exempted/ Non- GST Inward Supplies & reconciliation thereof with Financial Statements
• SOP of capturing Debit side of P&L A/C for Purchases and Expenses for GST Compliance and disclosures

CA S. Venkatramani

 Q & A Session

• How GST affects Service Industry
• Positive & Negative of GST on Service Industry
• Issues in Transitional credits of Service Sector
• Legal Jurisprudence on various issues pertaining to Service sector
• Export of Services & Refund on Export
• Open Issues in Export of Services
• Issues in Classification, Exemption, Rates, etc.,
• Exports in GST vs. FTP – MEIS/ SEIS, etc.
• Supply of Services between distinct persons vs. cross charge
• Works Contract Services, Construction Services – Dimensional change – Pre GST vs. Post GST

Mr. Sudipta Bhattacharjee

 Q & A Session

01.45 pm – 02.30 pm

01.45 pm – 02.30 pm

• Outward Supplies – Zero rated, Nil Rated, Exempted and Non-GST Outward supplies – B2B & B2C
• How to rectify mistakes in disclosures of same in GST Returns
• Determination of Levy & Collection – Outward Supplies
• Matching of GSTR 3B vs. GSTR 1 of Supplier
• Matching of GSTR 1 vs. GSTR 2A of Recipients
• Treatment of wrongly determined Intra-State and Inter-State Supplies -– How to reflect in GST Return and Financial Statements
• Cautions for Manufacturing and Service Sectors
• SOP for Outward Supplies & determination of taxes, payment and filing of Return
• Reconciliation of sales / other income as per books of accounts with GSTR-1 / GSTR-3B outward liability

 CA Bimal Jain & CS Isha Bansal

 Q & A Session

v  Important Amendments as proposed in the GST Law Viz.

• Time of Supply of goods and services under forward charge u/s 12(2) & 13(2) of the CGST Act
• Input Tax Credit:
• Value of Exempt Supply for reversal of ITC
• Issuance of Credit and Debit Note in respect of multiple invoices
• Payment of Tax: Order for utilization of credits
• GST Refunds
• Recovery of Taxes: To be made from distinct persons
• Pre-deposits for filing an appeal to Appellate Authority and Appellate Tribunal:
• Transitional Provisions – No credit of EC/ SHEC/ KKC etc
  CA Bimal Jain & CS Isha Bansal

        Q & A Session

• General principles of GST Auditing
• Accounting Perspective of GST vs. Income Tax Audit
• GST Audit Report (Form 9C) and Statement of Particulars (Form GSTR 9D)
• Issues in GST Audit viz-a-viz Income Tax Audit

CA Rakesh Garg

 Q & A Session

• Issues in Transitional credits of Trading Sector – Deemed Credit
• Legal Jurisprudence on various issues pertaining to Trading sector
• Detail Aspects of GST in Trading Sector
• Advantages & Disadvantages of GST to Trading Sector
• Impact on Merchant Exporters of goods
• Implication of GST on Wholesaler, Retailer, Exporter and Importer

 CA Avinash Poddar

Q & A Session

Vote of Thanks         

Vote of Thanks

Thursday, 6^th September & Wednesday 26^th September 2018 at Lakshmipat Singhania Auditorium, PHD House, New Delhi

I / we shall participate in the above mentioned Event

Name(s) & Designation(s)

1. ___________________________     2.________________________________

Organization:_______________________________________________________

Address: ___________________________________________________________

GSTIN: ____________________________________________________________

Tel:____________________________  Email:___________________________

Total Number of participants:_________________________________________

A DD/Cheque of Rs. _________ (No. __________ dated _________ drawn on

__________________________ )      being participation fee in favour of

“PHD Chamber of Commerce & Industry” payable at Delhi.

Online Payment Details

RTGS / NEFT / Fund Transfer Details
Bank Name: Bank of India, Branch: Panchsheel
Branch Address: 7, Panchsheel Shopping Centre, New Delhi-110017
Account Type: Current Account
Account No. : 602220100010035
Account Name: PHD Chamber of Commerce and Industry
IFSC Code No. : BKID0006022, MICR Code No. 110013023
CIN NO. U74899DL1951GAP001947