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Scrutinizing GST Issues in Automobile Industry

Scrutinizing GST Issues in Automobile Industry

by Taxsutra
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Course Expiry: 1 year
About Course:

Episode Duration:
125 minutes

Episode Background:
The Indian Automobile Industry is the fifth largest in the world, accounting for 7.1% share in the country’s GDP and providing employment to over 35 million people. Despite its contribution to the economy and growth potential, the automobile sector has been combating the hardship of high tax rates and has suffered the wrath of tax disputes in the erstwhile indirect tax regime.

The industry has seen extensive litigation on classification of parts and components, VAT vs. Service Tax tussle, valuation issues in case of PDI charges, warranties, taxation on handling charges, deductibility of post sales discounts and much more. Though GST brings relief in cascading of taxes and double taxation, the saga of litigation seems to be continuing in GST wherein mainstream litigation is set to grow in next couple of years.

What shall the episode cover?
Against this backdrop, Taxsutra and Hiregange Academy are delighted to present to you a special episode on “Practical Guide to GST issues in Automobile Industry”. In this episode, Best Selling Authors & Chartered Accountants Mr. Ravi Kumar Somani [Partner], Mr. Vikram Katariya [Partner] & Ms. Vini Patni [Partner Designate] from Hiregange & Associates LLP have broadly touched upon the following issues:

  • Classification & rate of tax on Automobile vehicles & Parts;
  • Legality of interest on price difference debit notes;
  • Validity of levy on samples, warranties, trials, testing & other FOC supplies;
  • Valuation & type of tax issues in case of Tools, Moulds, Dies etc.
  • Tax implication on Discounts, incentives and other promotional schemes;
  • Employee recoveries & deductions
  • Issues with JIT Delivery Models;
  • ITC on account of manufacturing loss of goods, CSR expenses, canteen etc.
  • Reverse charge implication on IPR & other cross border services

Key Takeaways of Session:

  1. Best Industry practices being followed  
  2. Judicial view in the past & GST regime on various issues;
  3. Possible solution to the issues along with transactional structuring strategies.
  4. Common errors to be avoided 
  5. How to handle departmental scrutiny, investigation & audits etc.
Categories: GST and Indirect Taxation
Publisher: Taxsutra
About Publisher:

Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.

Taxsutra suite of portals : 

1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law 
6.  Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)

Author: Taxsutra

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Ratings and Reviews

Overall Rating
Review
About Course:

Episode Duration:
125 minutes

Episode Background:
The Indian Automobile Industry is the fifth largest in the world, accounting for 7.1% share in the country’s GDP and providing employment to over 35 million people. Despite its contribution to the economy and growth potential, the automobile sector has been combating the hardship of high tax rates and has suffered the wrath of tax disputes in the erstwhile indirect tax regime.

The industry has seen extensive litigation on classification of parts and components, VAT vs. Service Tax tussle, valuation issues in case of PDI charges, warranties, taxation on handling charges, deductibility of post sales discounts and much more. Though GST brings relief in cascading of taxes and double taxation, the saga of litigation seems to be continuing in GST wherein mainstream litigation is set to grow in next couple of years.

What shall the episode cover?
Against this backdrop, Taxsutra and Hiregange Academy are delighted to present to you a special episode on “Practical Guide to GST issues in Automobile Industry”. In this episode, Best Selling Authors & Chartered Accountants Mr. Ravi Kumar Somani [Partner], Mr. Vikram Katariya [Partner] & Ms. Vini Patni [Partner Designate] from Hiregange & Associates LLP have broadly touched upon the following issues:

  • Classification & rate of tax on Automobile vehicles & Parts;
  • Legality of interest on price difference debit notes;
  • Validity of levy on samples, warranties, trials, testing & other FOC supplies;
  • Valuation & type of tax issues in case of Tools, Moulds, Dies etc.
  • Tax implication on Discounts, incentives and other promotional schemes;
  • Employee recoveries & deductions
  • Issues with JIT Delivery Models;
  • ITC on account of manufacturing loss of goods, CSR expenses, canteen etc.
  • Reverse charge implication on IPR & other cross border services

Key Takeaways of Session:

  1. Best Industry practices being followed  
  2. Judicial view in the past & GST regime on various issues;
  3. Possible solution to the issues along with transactional structuring strategies.
  4. Common errors to be avoided 
  5. How to handle departmental scrutiny, investigation & audits etc.
Categories: GST and Indirect Taxation
Publisher: Taxsutra
About Publisher:

Taxsutra is considered the most credible source of tax news in the tax fraternity. What started as a fledgling start-up has now become a leading brand in the tax world not only in India, but across the globe. Taxsutra's diverse customer set includes Fortune 500 Companies, large Indian Business Groups, Global Conglomerates, Tax Judges, IRS Officers, CBDT, Tax Lawyers & thousands of tax practitioners.

Taxsutra suite of portals : 

1. Real time tax news & analysis for Corporate Tax (www.taxsutra.com/dt
2. Transfer Pricing Portal (www.taxsutra.com/tp)
3. GST and Central Indirect Taxes Portals (www.taxsutra.com/gst - www.idt.taxsutra.com)
4. "Taxsutra Database" - Powerful Online Direct Tax Reference and Search Tool (www.database.taxsutra.com)
5. LawStreetIndia (LSI) (www.lawstreetindia.com) contains sub-modules on Company law, Securities law (SEBI/SAT), FEMA, IP laws & Competition Law 
6.  Taxsutra Accounting Standards portal (Ind-AS) (www.greentick.taxsutra.com)

Author: Taxsutra

Similar Books

Ratings and Reviews

Overall Rating
Review
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