Handout - National Tax Conference on Indirect Tax by ICAI on June 28 & 29 in Gurgaon

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1st Technical Session: Making of Negative list and Challenges ahead Sh. V.K. Garg Former Joint Secretary, TRU 31 2nd Technical Session: Jurisprudence and how to represent before authorities CA. D N Panda Member, CESTAT 49 3rd Technical Session: CENVAT Credit Rules, 2004 Sh. Amresh Jain Addl. Commissioner Authorized Representative, CESTAT 59 4th Technical Session: GST Sh. Sujit Ghosh Advocate 89 5th Technical Session: Reverse Charge Mechanism CA. Upender Gupta Addl. Commissioner, CBEC 97 6th Technical Session: Valuation under Service Tax CA. Pankaj Vasani Taxation-Head, Vodafone 109 7th Technical Session: Service Tax on Works Contract Service Tax on Real Estate Sector CA. Atul Gupta Chairman, Indirect Taxes Committee 125 8th Technical Session: Refund Under Service Tax CA. Rohini Aggarwal 133 9th Technical Session: Export and Import of Services CA. Bimal Jain 173

Transcript of Handout - National Tax Conference on Indirect Tax by ICAI on June 28 & 29 in Gurgaon

  • The Institute of Chartered Accountants of India 1National Conference on Indirect Taxes Message from the President It gives me immense pleasure to note that Indirect Taxes Committee of the Institute of Chartered Accountants of India (ICAI) is organising a two days National Conference on Indirect Taxes on 28th and 29th June 2014 jointly hosted by North India Regional Council (NIRC) and Gurgaon Branch of NIRC of ICAI. Various reforms have been carried out in the prevailing Indirect tax regime like introduction of taxation of services at Central level and VAT at State level in the year 1994 and 2005 respectively. Further, the Government introduced taxation of services based on negative list in the year 2012 with a view to rationalize the complex service tax law, augment revenues by increasing the tax base, reduce litigation and pave the way for eventual transition to Goods and Services Tax (GST) in the coming years. Since our profession figures prominently and commands greater credibility, it is important for our members to regularly update their skills with the developments in the area of taxation. I am confident that the topics chosen for discussion at the National Conference are very useful in current context and the eminent faculties will share their knowledge and experiences on various issues in indirect taxes which would definitely benefit the members attending this Conference. I appreciate the efforts taken by CA. Atul Kumar Gupta, Chairman, CA. Nihar Niranjan Jambusaria, Vice Chairman and other members of the Indirect Taxes Committee for keeping members abreast with the latest developments taking place in the area of indirect taxes, by way of organising seminars, conferences, webcasts, certificate courses and programmes on indirect taxes. I wish all the delegates a very fruitful, professionally enriching and truly value added experience. With Warm Regards, CA. K. Raghu President ICAI ICAI MOBILE APP www.icaiknowledgegateway.org http://elearn.icai.org/ http://icaitv.com/
  • The Institute of Chartered Accountants of India 3National Conference on Indirect Taxes Message from the Vice -President Despite the various reforms carried out in the past few years, the prevailing Indirect tax regime in India is still in a state of evolution. The system is quite complex, with multi-layered levies both at the Central and State levels. The existing regime requires businesses to undertake careful upfront analysis of the tax costs involved in a transaction ensure adequate backup documentation to support their tax positions and constantly explore opportunities for tax optimization. Further, India is committed to move towards uniform Goods and Services Tax (GST) regime and this aspect needs to be factored in any significant tax approach developed at present. In the recent years, particularly after the introduction of service tax, the significance of indirect taxes has also grown manifold. The area is continuously evolving and increasingly contributing to the exchequer. The taxation laws are undergoing sweeping changes to cope up with the emerging environment. Since our profession figures prominently and commands great credibility, it is important for our members to regularly update their skills with the developments in the area of taxation. With a great delight, I commend the efforts of Indirect Taxes Committee of ICAI for organising a two days National Conference on Indirect Taxes in Gurgaon on 28th & 29th June 2014. I compliment CA. Atul Kumar Gupta, Chairman, CA. Nihar Niranjan Jambusaria, Vice Chairman and other members of the Indirect Taxes Committee for the initiative. I also compliment Northern India Regional Council and their Gurgaon branch for jointly hosting the programme. I am sure that this Conference would help the members working in industry as well as in practice in achieving and sustaining their competitive edge in the area of taxation. The programme would also provide an opportunity to the members to identify and brainstorm the burning issues and would enable them to understand and appreciate the instrumental role played by the profession. I trust that the participants would be benefited from the knowledge and expertise shared by the learned subject experts. I wish the National Conference a resounding success. CA. Manoj Fadnis Vice-President ICAI ICAI MOBILE APP www.icaiknowledgegateway.org http://elearn.icai.org/ http://icaitv.com/
  • The Institute of Chartered Accountants of India 5National Conference on Indirect Taxes Message from the Chairman Taxation, in one form or another, as a source of revenue, is an ancient concept. The purpose of taxation was meeting expenditure for fulfilling the various functions of the State and for public welfare is also an equally old view. Both these ideas continue to be relevant fundamentals for tax structures and systems of Nation States of the 21st Century. In todays context, the indirect taxes constitute a significant part of governments revenue. The system relating to indirect taxation in our country has been undergoing transformation since 1991. This journey continued with introduction of service tax at central level, state value added tax, TDS and is still continuing by way of various amendments made in the tax laws. The country is now on the verge of implementing Goods and Services Tax and Direct Taxes Code to underwrite the capacity of a nation to implement its development and welfare goals. Indirect Tax laws in India are becoming more and more multifaceted on account of frequent changes in taxation through Finance Acts, Notifications and Circulars. In order to keep pace with the recurrent changes and increasing intricacies it is the need of the hour to profess our members with a thorough knowledge of Indirect Tax Laws. Keeping these requirements in view Indirect Taxes Committee is organizing a a two days National Conference on Indirect Taxes at Gurgaon on 28th & 29th June 2014, being hosted by North India Regional Council of ICAI with Gurgaon Branch of NIRC of ICAI. The conference covers topics like Service Tax- taxability; reverse charge mechanism, refund, export-import etc., CENVAT Credit Rules, Goods & Service Tax, Jurisprudence and much more. This conference would be a unique opportunity to professionally upgrade oneself and have an insight to contemporary issues on Indirect Taxes. I appreciate the efforts of Indirect Taxes Committee for organising this conference and NIRC of ICAI and Gurgaon Branch for hosting the same. Such joint efforts help us to keep up the image of ICAI and live up to its motto of being a partner in Nation Building. I wish this conference a booming success. CA. Atul Gupta Chairman Indirect Taxes Committee ICAI MOBILE APP www.icaiknowledgegateway.org http://elearn.icai.org/ http://icaitv.com/
  • The Institute of Chartered Accountants of India 7National Conference on Indirect Taxes Message from the Vice-Chairman Laws and rules relating to indirect taxes have been evolving on account of economic growth of the country, global & technological advances and development in business models. Several reforms have taken place in the last three decades in area of Indirect Taxes, particularly Service Tax, by introduction of Negative List concept, Reverse charge etc. These developments help to rationalize the multifarious tax laws, boost revenues by widening the tax base, reduce litigation and make a way for GST implementation. The reforms in the service tax regime help our members with fresh prospects and opportunities. In order to bank upon these opportunities members need to update their knowledge to meet the market expectations, manage tax risks and add value to the profession or organization they serve. Taking this into account the Indirect taxes Committee of ICAI is organizing two days National Conference on Indirect Taxes on 28th and 29th June 2014 jointly hosted by North India Regional Council and Gurgaon Branch of NIRC of ICAI. I am sure that this Conference would help the members working in industry as well as in practice in achieving and sustaining their competitive edge in the area of services tax. I am appreciative of the thought and care that has gone in selection of topics, which are very contemporary in nature and appealing the members to participant in the Conference. Further, with the knowledgeable and experienced faculty and eager participants, I am sure that deliberation at the conference would be beneficial. Above all, I am pleased and respect the zest to learn of the participants who have spared time out of their hectic daily schedules to participate in the Conference. I would like to acclaim the efforts undertaken by the Indirect Taxes Committee along with NIRC of ICAI and Gurgaon Branch to organize this conference. I sincerely wish that the participants of the conference make good of this opportunity and have a wonderful learning experience. Wishing you all a professionally enthralling experience. CA. Nihar Niranjan Jambusaria Vice-Chairman Indirect Taxes Committee ICAI MOBILE APP www.icaiknowledgegateway.org http://elearn.icai.org/ http://icaitv.com/
  • The Institute of Chartered Accountants of India 9National Conference on Indirect Taxes Message from the Chairman, NIRC of ICAI Dear Professional Colleagues, It gives me immense pleasure to note that the Indirect Tax Committee of ICAI is organizing a National Conference on Indirect Tax which is being hosted by Northern India Regional Council of the ICAI with Gurgaon Branch of NIRC of ICAI on 28th & 29th June 2014 at Hotel Crown Plaza, Gurgaon. In todays dynamic business environment wherein the policies and procedures are undergoing massive changes both at micro and macro le