Goods and Services Tax & Customs Duty

Goods and Services Tax & Customs Duty Book

• The law stated in this book is as amended upto July, 2022.
• The most unique feature of the book is that Notifications dated 30th July, 2021 regarding exemption to the registered persons whose aggregate turnover is up to Rs. 2 crores from filing GST Annual Return for the Financial Year 2021-22 and deletion of the requirement of Audit of accounts have been included in the book.
• Most authentic, up-to-date and comprehensive text book on GST.
• The book covers all topics of the syllabi of various universities for undergraduate and postgraduate courses.
• In the present revised edition almost all the chapters have been thoroughly revised and updated and chapter on Payment and Refund of Tax (with TDS and TCS) has been completely rewritten.
• The book covers all topics of the syllabus for B.Com IIIrd Year for various Universities of Madhya Pradesh.
• A Comparative Study of CGST Act, 2017, M.P.GST Act, 2017 and IGST Act, 2017 has been included in the book which is a unique feature of the book.
• At the end of each chapter large number of MCQ and Short Questions with Ans. have been given which enable students to
  learn faster.
• Law relating to GST has been discussed thoroughly in easy language and in lucid style.
• Amendments in GST made by the Finance Act, 2021 and 43rd GST Council (held on 28.05.2021) have been duly incorporated in the book.
• The questions asked in recent university examinations have been incorporated in the book.
• Every chapter contains complete explanation of the topic with suitable examples and, where necessary, followed by graded solved illustrations and questions for practice with Ans.

Goods and Services Tax & Customs Duty Syllabus For B.Com. III Year of Awadhesh Pratap Singh University Rewa (APSU), Barkatullah University Bhopal, Rani Durgavati Vishwavidyalaya Jabalpur (RDVV), Vikram University Ujjain, Dr Harisingh Gour University Sagar (DHGU)

Unit – I: CGST/SGST: Important Terms and Definitions under Central Goods and Service Tax Act, 2017 and State Goods and Service Basic elements of GST. Meaning and Scope of Supply Levy and Collection Tax.

Unit – II: CGST/SGST: Time and Value of Supply of Goods and Services Input Tax Credit Transitional Provisions Computations of GST Liability, Registration Under CGST/SGSCT Act and Necessary Documentation, Filing of Returns, Assessment, Payment of Tax, Payment of Tax on Reverse Charge Basis, Refund Under the Act.

Unit – III: CGST/SGST: Maintenance of Accounts and Records, Composition Scheme, Job work and its procedure, Various exemptions under GST, Demand, and recovery under GST Miscellaneous provisions under GST

Unit – IV: IGST: Scope of IGST. Important Terms and Definitions under integrated Goods and Services Tax Act, 2017, Levy and Collection of IGST, Principles for Determining the place of supply of goods and services, Zero Related supply.

Unit – V: Introduction and brief background of customs duty, Important definition: Goods dutiable goods, person In-Charge, Indian customs water, types of customs duty, Valuation for custom duty, items to be included and excluded in customs value, computation of Assessable value and custom duty (Practical)

Goods and Services Tax & Customs Duty Book Contents

1. CGST Act, 2017, M. P. GST Act, 2017 and IGST Act, 2017: A Comparative Study
2. Basic Elements of Goods and Services Tax (G.S.T.)
3. Terms and Definitions (Under Central Goods and Services Tax Act, 2017 and Madhya Pradesh Goods and Services Tax Act, 2017)
4. Time and Value of Supply of Goods and Services
5. Levy and Collection Tax
6. Input Tax Credit (ITC)
7. Computation of GST Liability
8. Registration (Under CGST and SGSCT Act and Necessary Documentation)
9. Filing of Returns
10. Assessment
11. Payment of Tax and Refund (with TDS and TCS)
12. Composition Scheme and Reverse Charge Mechanism
13. Maintenance of Accounts and Records (Tax Invoice, Credit and Debit Notes)
14. Job Work and Its Procedure and Various Exemptions Under GST
15. E-Way Billing
16. Demand and Recovery Under GST
17. Miscellaneous Provisions Under GST
18. The Integrated Goods and Services Tax Act, 2017 (IGST) (Meaning, Scope, and Important Terms and Definitions)
19. Levy and Collection of IGST and Zero Rated Supply
20. Determination of Place of Supply

Customs Duty

1. Introduction
2. Customs Duty (Important Definitions)
3. Valuation Rules for Customs Duty
4. Computation of Assessable Value and Calculation of Customs Duty