Practical Guide to GST on Automobile Industry (1st Edition)
- Year of Publication: 2021
- Edition: 1st
- ISBN: 978-93-90854-20-2
- No.of Pages: 608
The book provides in-depth analysis on the impact of GST provisions on various segments of the Automobile industry. The coverage and content of the book is very specific for this sector along with key insights of the authors. This book is divided into 17 chapters as follows:
- Introduction to Automobile Industry
- Overview of GST
- Implications on Outward Supplies – OEM and Component Manufacturers
- Classification, Rate of Tax and Exemptions – OEM and Component Manufacturers
- Automobile Dealers
- Authorised Service Centers and Garages
- Job Work in Original Equipment and Component Manufacturing
- Overview of Input Tax Credit
- ITC on Capital Assets — Original Equipment’s and Parts & Components Manufacturers in Automobile Industry
- ITC on Direct procurements & Other Expenses — OEM & Component Manufacturers in Automobile Industry
- ITC on Direct Procurements & Other Expenses — Automobile Dealers & Service Stations
- Implications under Reverse Charge Mechanism
- Registration
- E-invoicing and Documentation
- Returns and Payments
- Types of Refunds under GST
- E-way Bill
Key Highlights
- Detailed and practical analysis of the GST provisions which directly impact the automobile industry.
- Evaluation of disputes under the erstwhile IDT regime and its implications under GST for the sector.
- Detailed coverage on the aspect of Classification disputes for the sector.
- More than 300 judicial decisions relevant to the automobile industry.
- Compendium of various practical issues faced by the industry under GST along with the possible solutions.
- Covering relevant amendments of Budget 2021.
- Key takeaways at the end of each chapter on sectoral implications.
- Specific and relevant procedures under GST.
CA. Madhukar N. Hiregange. Senior Partner Hiregange & Associates LLP having 16 offices in India specialized in Indirect Taxes Reviews/ FTP Consultancy litigation as well as value-added audits. Jointly Authored 28 books in Central Excise, Service Tax, Karnataka VAT, IDT audits & GST. 3 GST books slated for release in 2021. In the last 15 years on a mission to create committed professional leaders. Has encouraged / fostered 130 + leading professionals in Industry and Practice to take up ethical practice in IDT. Striving to be a “thought leader”. Has been active in the field of spreading awareness through articles and workshops (physical & online) Active in online replies and contributes on several professional site like – Taxsutra, hiregangeacademy.com., linked in, facebook, youtube, etc. Contributed to the nation by volunteering 6 years to the Central Council of ICAI. Involved in efforts to make the Indirect Tax laws in India simple, certain and fair and creating an awareness of the potential of knowledge of Indirect Taxes in India. Managing Trustee – Empower Education Foundation for the past 15 years supported the education of about 1300 lesser privileged students. Knowledge partner to Hiregange Academy which is an employability and knowledge initiative served 4000 to enhance their capability mainly in IDT. Believes in “Value Based Practice and Life”.
CA. Ravi Kumar Somani [B.Com., ACA] is a partner at Hiregange & Associates LLP and heads Pune branch of the firm. He has been involved in performing indirect tax reviews across varied sectors and guiding clients on contracts structuring, workable business models, transactional structuring, developing systems and processes for compliance under Indirect Taxes. He has authored a book on Indirect Taxes 'Self study guide to Indirect Taxes', published by Asia Law House. He has also co-authored a book on ‘Practical Guide to GST Audits and Certification’ published by Bloomsbury. He is a faculty at ICAI and has given lectures at various professional forums such as ICAI, Hiregange Academy, NACIN, National Insurance Academy, Mahratta Chamber of Commerce etc. on Service Tax and GST. He is also an active contributor of articles and posts on Linkedin, TaxGuru, GST Law
Times, MCCIA, Newsletter of Pune Branch of ICAI and on other professional forums.
CA. Vikram Katariya [BBA, FCA] is a Chartered Accountant, having more than 10 years post qualification experience in the profession. He is currently a Partner at Hiregange & Associates LLP, and heads the Chennai branch of the Firm. Qualified as a Chartered Accountant in the year 2010 and a Commerce graduate from Loyola College, Chennai. He has more than five years of experience in the Audit & Assurance and Indirect Tax Division in Big 4s'. In practice since 2012, he has extensive exposure in Indirect taxes and Audit, across various sectors including IT/ITES, Manufacturing. Insurance, Telecom, Hospitality, Healthcare etc. He has co-authored a book “Practical Guide to GST on Healthcare & Pharmaceutical Sectors” which is published by Bharat Law House, and a handbook on New and Simplified Returns. He had also contributed to the Handbook on Annual Return and Audit under GST, which was published by Swastik Publications. He is also a regular speaker at various Seminars and Corporate Tax Forums on GST related matters.
CA. Vini Patni [B.Com, ACA] is Partner Designate at Hiregange & Associates LLP, and heads the Indore branch of the firm. She has advised clients across all industries including Real Estate, Automobile and Pharmaceuticals on various issues under GST, Customs and other indirect taxes. She has assisted the authors of sectoral books “GST on Healthcare & Pharmaceutical Sectors”, “GST on Real Estate Industry” and “GST on Textile Industry”.
About Taxsutra:
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)
About Bharat Law House Pvt Ltd
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2021
- Edition: 1st
- ISBN: 978-93-90854-20-2
- No.of Pages: 608
The book provides in-depth analysis on the impact of GST provisions on various segments of the Automobile industry. The coverage and content of the book is very specific for this sector along with key insights of the authors. This book is divided into 17 chapters as follows:
- Introduction to Automobile Industry
- Overview of GST
- Implications on Outward Supplies – OEM and Component Manufacturers
- Classification, Rate of Tax and Exemptions – OEM and Component Manufacturers
- Automobile Dealers
- Authorised Service Centers and Garages
- Job Work in Original Equipment and Component Manufacturing
- Overview of Input Tax Credit
- ITC on Capital Assets — Original Equipment’s and Parts & Components Manufacturers in Automobile Industry
- ITC on Direct procurements & Other Expenses — OEM & Component Manufacturers in Automobile Industry
- ITC on Direct Procurements & Other Expenses — Automobile Dealers & Service Stations
- Implications under Reverse Charge Mechanism
- Registration
- E-invoicing and Documentation
- Returns and Payments
- Types of Refunds under GST
- E-way Bill
Key Highlights
- Detailed and practical analysis of the GST provisions which directly impact the automobile industry.
- Evaluation of disputes under the erstwhile IDT regime and its implications under GST for the sector.
- Detailed coverage on the aspect of Classification disputes for the sector.
- More than 300 judicial decisions relevant to the automobile industry.
- Compendium of various practical issues faced by the industry under GST along with the possible solutions.
- Covering relevant amendments of Budget 2021.
- Key takeaways at the end of each chapter on sectoral implications.
- Specific and relevant procedures under GST.
CA. Madhukar N. Hiregange. Senior Partner Hiregange & Associates LLP having 16 offices in India specialized in Indirect Taxes Reviews/ FTP Consultancy litigation as well as value-added audits. Jointly Authored 28 books in Central Excise, Service Tax, Karnataka VAT, IDT audits & GST. 3 GST books slated for release in 2021. In the last 15 years on a mission to create committed professional leaders. Has encouraged / fostered 130 + leading professionals in Industry and Practice to take up ethical practice in IDT. Striving to be a “thought leader”. Has been active in the field of spreading awareness through articles and workshops (physical & online) Active in online replies and contributes on several professional site like – Taxsutra, hiregangeacademy.com., linked in, facebook, youtube, etc. Contributed to the nation by volunteering 6 years to the Central Council of ICAI. Involved in efforts to make the Indirect Tax laws in India simple, certain and fair and creating an awareness of the potential of knowledge of Indirect Taxes in India. Managing Trustee – Empower Education Foundation for the past 15 years supported the education of about 1300 lesser privileged students. Knowledge partner to Hiregange Academy which is an employability and knowledge initiative served 4000 to enhance their capability mainly in IDT. Believes in “Value Based Practice and Life”.
CA. Ravi Kumar Somani [B.Com., ACA] is a partner at Hiregange & Associates LLP and heads Pune branch of the firm. He has been involved in performing indirect tax reviews across varied sectors and guiding clients on contracts structuring, workable business models, transactional structuring, developing systems and processes for compliance under Indirect Taxes. He has authored a book on Indirect Taxes 'Self study guide to Indirect Taxes', published by Asia Law House. He has also co-authored a book on ‘Practical Guide to GST Audits and Certification’ published by Bloomsbury. He is a faculty at ICAI and has given lectures at various professional forums such as ICAI, Hiregange Academy, NACIN, National Insurance Academy, Mahratta Chamber of Commerce etc. on Service Tax and GST. He is also an active contributor of articles and posts on Linkedin, TaxGuru, GST Law
Times, MCCIA, Newsletter of Pune Branch of ICAI and on other professional forums.
CA. Vikram Katariya [BBA, FCA] is a Chartered Accountant, having more than 10 years post qualification experience in the profession. He is currently a Partner at Hiregange & Associates LLP, and heads the Chennai branch of the Firm. Qualified as a Chartered Accountant in the year 2010 and a Commerce graduate from Loyola College, Chennai. He has more than five years of experience in the Audit & Assurance and Indirect Tax Division in Big 4s'. In practice since 2012, he has extensive exposure in Indirect taxes and Audit, across various sectors including IT/ITES, Manufacturing. Insurance, Telecom, Hospitality, Healthcare etc. He has co-authored a book “Practical Guide to GST on Healthcare & Pharmaceutical Sectors” which is published by Bharat Law House, and a handbook on New and Simplified Returns. He had also contributed to the Handbook on Annual Return and Audit under GST, which was published by Swastik Publications. He is also a regular speaker at various Seminars and Corporate Tax Forums on GST related matters.
CA. Vini Patni [B.Com, ACA] is Partner Designate at Hiregange & Associates LLP, and heads the Indore branch of the firm. She has advised clients across all industries including Real Estate, Automobile and Pharmaceuticals on various issues under GST, Customs and other indirect taxes. She has assisted the authors of sectoral books “GST on Healthcare & Pharmaceutical Sectors”, “GST on Real Estate Industry” and “GST on Textile Industry”.
About Taxsutra:
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)
About Bharat Law House Pvt Ltd
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
