About the course

It is important to understand all taxes for a industry. One of the growing sectors is an service sector & it is is required to understand the rules & regulations related to Registration, Payment of Taxes, Filing returns, etc. and discharging the lawful obligation under the Maharashtra VAT provisions.

 

What is VAT?

In the pre – VAT state tax structure, there were problems of double taxation of commodities and multiplicity of taxes, resulting in a cascading tax burden. For instance, in the pre – VAT structure, before a commodity is produced, inputs are first taxed and then after the commodity is produced with input tax load, output is taxed again. This causes an unfair double taxation with cascading effects. In the VAT, a set-off is given for input tax as well as tax paid on previous purchases. In the pre – VAT sales tax structure, several States also had multiplicity of taxes, such as turnover tax, surcharge on sales tax, additional surcharge, etc.

With introduction of VAT, these other taxes are abolished. In addition, Central Sales Tax is also going to be phased out. As a result, overall tax burden will be rationalized and prices in general will also fall. Moreover, VAT will replace the system of inspection by a system of builtin self-assessment by the dealers and auditing. The tax structure will become simple and more transparent. That will improve tax compliance and also augment revenue growth.

 

What is CST?

Central Sales Tax is charged only on the inter-state transactions and not on the transactions occurred within the state or import/export of sales. Section 3(a)/ (b) defines the interstate nature of transaction.

 

What is WCT?

Works Contract: Some contracts are for contracts for labor, work or service and not for sale of goods,. Though goods are used in executing the contract for labor, work or service.

 

List of Topics to be covered in the Course

1. Understanding the ACT & Sections & Rules under MVAT, WCT, CST Act
2. Practical accounting & bookkeeping solutions for every ACT and transactions under the required sections.
3. Online return filling with the help of data maintained.
4. Procedure and documentation required under the ACT.
5. CENVAT under MVAT.
6. Introduction to GST