Online Certificate Course on “VAT and Customs Management with Focusing on Budget FY (2021-22)” (10 Days Evening)

Last Date of Registration: September 19, 2021
Venue Online Live Google Meet

Introduction:

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.

How the participants will be benefited after this training?

The purpose of this program is to provide the participants basic understanding regarding the features of the new VAT law and to make them understand how the new VAT law is different from the current VAT law (VAT Act, 2012). Another purpose is to make them understand the features of the automated system through which the new VAT law shall be implemented. In addition, providing working knowledge regarding the provisions of the current VDS system is also a purpose of this training. Thus, attending the program, the participants:

— Can develop knowledge regarding the basic features of the new VAT law & Customs law;
— Can develop knowledge regarding how the new VAT law is different from the current VAT law;
— Can understand the basic features of the automated system through which the new VAT law & Customs law shall be implemented;
— Can understand their role to implement the new VAT law;
— Can understand the basic provisions of current VDS system;
— Can plan strategies for their organizations ahead to face future challenges;
— Can plan strategies for their organizations ahead to reap the benefits of the provisions of the new VAT law;
— Can further develop their career in VAT, customs, finance and management.

 

Contents of Training (VAT):

Day-1

  • Basic Structure of NBR
  • Structure of VAT Commissionerate and Field Offices.
  • Brief history of Value Added Tax(VAT).
  • Brief Discussion on Indirect and Direct Tax.
  • Important Definitions of VAT Act.
  • Different Types of Indirect Tax.
  • Excise duty(ED), Rate of ED and it's Imposition
  • Surcharge, it's Rate and Imposition

Day-2

  • VAT Registration & Procedure.
  • Amendment of Registration.
  • De-registration & Procedure.
  • Central VAT Registration & Procedure.
  • Turnover Tax Enlistment & Procedure.
  • Thresholds for Registration and Enlistment.
  • Special Provision for Registration.

Day-3

  • VAT- able Products & Services, VAT Exemption.
  • VAT at Import, Manufacturing, Service & Trade point.
  • Time & Payment Procedure of VAT.
  • VAT, SD & TT Rates and it’s Imposition.
  • Stages of VAT & When Payable ?
  • Advance Tax (AT) & Rates
  • Value Determination & VAT Calculation.
  • VAT on Export and Deemed Export.
  • Case Study (VAT & SD Calculation)

Day-4

  • Definition of Input.
  • Input Tax Credit (Tax Rebate).
  • Input Tax Credit Mechanism.
  • Where Input Tax Credit Allowed or Not.
  • Partial Input Tax Credit & Calculation.
  • VAT Refund & Procedure of Refund.
  • Arrear VAT Realization (VAT Demand).
  • Duty Drawback & Procedure of Drawback.
  • Case Study (Credit Mechanism)

Day-5

  • VAT Deduction at Source (VDS).
  • Products & Services Under VAT Deduction.
  • Rate of VAT for Deduction.
  • Deducting Authority & Their Responsibility.
  • Supplier & Their Responsibility.
  • Time of Deduction & Payment Procedure.
  • Procurement Provider Under VDS.
  • Penal Provision for Non-Compliance.

Day-6

  • VAT Authority, Their Duties & Responsibilities.
  • Irregularities & Non-compliance Under VAT Act.
  • Offences and Penalty Under VAT Act.
  • Adjudication & Adjudicating Authority.
  • Adjudication Procedure.
  • Trial by Magistrate.
  • Appeal, Time of Appeal & Procedure.
  • Alternative Dispute Resolution (ADR).

Day-7

  • VAT agent & VAT Consultant.
  • Accounting System Under VAT.
  • Books of Accounts and Registers.
  • VAT Invoice & Similar Documents.
  • Credit note and Debit note.
  • Record keeping (Musak Forms).
  • Adjustment (Increasing & Decreasing).
  • VAT Return (Musak-9.1) Preparation.
  • Case Study (Return Preparation).

 

Contents of Training(Customs):

Day-8

  • Import and Export Policy Order.
  • Import Banned Items.
  • Export Banned Items.
  • Import & Export Under Certain Terms & Conditions.
  • IRC, ERC, LC, LCA, PI, Invoice, Packing List.
  • Import Permit(IP), Clearance Permit(CP).
  • Incoterms in International Trade.

Day-9

  • Customs Assessment & Clearance Procedure.
  • Provisional, Final & Re-assessment.
  • Various Duty Rates at Import Stage.
  • General Rules for Interpretation(GRI).
  • H.S.Code & Significance of H.S.Code.
  • Valuation of Goods (Import & Export).
  • WTO Valuation Rules
  • Calculation of Duty and Taxes.
  • Case Study (Duty Calculation

Day-10

  • Bonded Warehouse System in BD.
  • General, Special & Supervised Bond.
  • Diplomatic Bonded Warehouse.
  • Home Consumption Bond.
  • Deemed Exporter under Bond.
  • Bond Licence Rule.
  • C&F agents and Their Responsibilities.
  • Untrue Statement (Misdeclaration).
  • Offence, Fine & Penalties under Customs Act.
  • Advance Rulings.

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