TAX & VAT TRAINING
VAT
Valued Added Tax (VAT) and Customs related rules and regulations are very important matter of today’s life. Everybody comes across different aspects of VAT in course of his daily and professional life. Be it an industry or any business house or any government or non-government office, there lies either the need for paying VAT or deducting VAT at source. All retail buyers require knowing the need for and importance of taking VAT Challan. Some manufacturer and traders are importing raw materials by their own. So, it is important for everyone to obtain basic knowledge on VAT and Customs. It is more important for them whose decisions matter for their businesses, industries and offices. Moreover, people dealing with income tax, audit, management, finance, procurement, bills payable etc. Sections in different businesses and industries require knowing many things regarding VAT and Customs, some of those matters are tricky in nature. Updated knowledge in the area is needed to lead a team in corporate houses. An executive or a corporate team leader not only requires to know the rules and regulations currently in practice but for promoting the purposes of the organizations, they require to know what rules and regulations are in the offing that will impact them. The Value Added Tax and Supplementary Duty Act, 2012 (new VAT law) has been passed by the parliament in 2012. Preparatory work is now going on to make the law fully effective from 1 July 2019. The executives and corporate leaders require knowing promptly what are the basic features of the new VAT law and how the new VAT law differs from the VAT law currently in force. The new VAT law shall be implemented through automated system. So, it also requires knowing what shall be the role of the VAT payers in the automated process. VAT deduction at source is a very important aspect of our VAT system today. People serving in the VDS withholding entities require knowing in details the provisions regarding VDS. This program is designed to provide the participants the VAT as well as Customs knowledge in these areas.
Day-1:
#Session 1:
• Basics of new VAT act.
• Objective of new VAT act.
• Different Types of Indirect Tax (CD, RD, SD, VAT, TT, etc)
• VAT at Import, Manufacturing, Service & Trade point.
• VAT- able product & Services, exemptions, Advance Tax (AT).
#Session 2:
• Value and Vat Calculation at Deferent stage
• Input Output Coefficient, Tax Credit system
• Accounting system under VAT.
• Books of Accounts and Registers.
#Session 3:
• Return Filling Exercise
• VAT Deduction at Source (VDS).
• Responsibilities deducting authorities under new VAT act.
• Procedure of Deduction.
#Session 4:
• VAT Refund & Procedure of Refund.
• Duty Drawback & Function of DEDO.
• Offences and penalty Under VAT act.
• Imposition of penalties.
• Appeal procedure.
• QA
Day-2:
#Session 1:
• Basics of new VAT act.
• Objective of new VAT act.
• Change in budget 2019.
#Session 2:
• Imposition of VAT.
• Invoice & Documents.
• Method of VAT Calculation.
#Session 3:
• Negative net balance adjustment & refund.
• VAT deducted at source.
• Return filling.
#Session 4:
• QA
• Certificate Distribution
TAX
Objectives:
This training program has been specially designed for professionals dealing with Income Tax, Customs & VAT issues in case of their respective organizations and clients. The objective of this course is to give the participants/clients a clear understanding of the existing laws, rules and practices relating to Income Tax, Customs & VAT and update their knowledge on the latest changes in relevant areas.
Key Facilitators:
Professionals from NBR and Leading Professional Accountants who have expertise in area of Tax, VAT & Customs.
Major Content:
# Individual Tax Assessment, salary reconciliation with case studies;
# Corporate Tax Assessment, Appeal procedure & penal procedure;
# Advance Tax and Overview of Income Tax & VAT with recent changes;
# Existing laws, rules and practices of VAT & Customs;
# Tax Deducted at Source (TDS) & VAT Deducted at Source (VDS);
# Corporate Tax Planning including Deferred Tax IAS12: Income Tax;
# Special Training on “Transfer Pricing”