[Book Release] Practical Guide to GST Compliances

On 28-05-2022 Hon’ble Governor of Assam Prof. Jagdish Mukhi and Sister BK Shivani released a book on “Practical Guide to GST Compliances” at Pragjyotish ITA Complex, Machkhowa. The book is authored by CA D.S. Agarwala (Kolkata), CA Vikash Kumar Banka (Kolkata) and CA (Dr.) Ayush Saraf (Guwahati). The book is published by one of the most esteemed publishers in India namely Taxmann. The books was released in a program “Happiness Unlimited” organized by Lions Club of Guwahati Elite in which Sister B.K. Shivani deliberated on effective way of leading a better life.

The authors are highly experienced in the field of indirect taxation and litigation practice. The book is aimed to deal with all the critical issues that a common person dealing with the law faces and their possible solutions. The book has been written in a non-technical language to the extent possible so that even a common person can understand the solutions to their problems. The book is expected to go a long way in providing solutions to the common public, professionals and even the departmental officers in problems faced during the GST regime.

About the Book

The book aims to deal with all the critical issues that a common person who deals with the GST law faces and their possible solutions. The authors have incorporated as many problems as possible and their potential solutions and suggest a preventive, corrective, and defensive approach to tackle those problems. The book has been written in a non-technical language to the extent possible so that even a common person can understand the solutions to their problems. Reading this book will give a bird’s eye view of the GST law’s problems and probable solutions.

Since each issue cannot be framed in a question-answer format, in some issues, the book contains commentaries which give answers to many questions in one write up. Tabular formats have been used in the text to be easily understandable. The book is a blend of question-answers, commentaries, tabular presentations, and diagrammatic presentations, which gives a complete view and perspective on the law.

The Present Publication is the latest 2022 Edition, authored by CA D.S. Agarwala, CA Vikash Kumar Banka and CA (Dr.) Ayush Saraf. The law stated in this book is updated by the Finance Act 2022 and updated till 30^th April 2022, with the following noteworthy features:

• [Easy Understanding of ‘Supply to Return’ Cycle] including various types of supply such as:
  • Non-GST Supply
  • Taxable Supply
  • Non-Taxable Supply
  • Exempt Supply
  • Nil-Rated Supply
• [Explanation of Reverse Charge Mechanism] in the most straightforward possible manner
• [Determination of GST Rates] based on classification principles
• [Practical Issues & Suggestions] in the following cases:
  • Supply including the provisions and practical issues
  • Valuation includes various practical scenarios & solutions
  • Invoicing
  • Time of Supply
  • Input Tax Credit including a detailed and micro-level analysis
  • Registration includes a detailed commentary which consists of the mistakes committed, possible repercussions and solutions
  • Accounts and Records
  • Detention of Goods & Vehicles
  • Transfer of Business (due to death of the proprietor)
• [Standard Operating Procedures for Filing of Returns (GSTR-1 and GSTR-3B)] which covers a detailed procedure to be followed by every taxpayer and professional so that mistakes and errors may be minimised
• [Complete Guide to GST Refunds] with all provisions, including Circulars, Notifications, etc., in one place for each refund category
• [Two-way GST Accounting System] for effective monitoring of input tax credit and output liability
• [Standard Operating Procedures for Finalization of Accounts] focusing on topics such as:
  • Auditors’ Report
  • Directors’ Report
  • Notes to Accounts
  • Balance Sheet
  • Profit & Loss Account
  • Reporting GST transactions in Form 3CD
  • Assessing Form 26AS from the perspective of GST Law
• [Audit by GST Department] u/s 65 of the CGST Act, 2017
• [Defensive Measures] in case of departmental proceedings
• [MIS Reports Generated by GSTN] including practical suggestions
• [Tax Audit Report (Form 3CD) & Companies Audit Report] w.r.t. GST related transactions is included in this book

About Taxmann

Taxmann Alliance is the only publishing & product development company in India with complete backward and forward integration, right from the self-owned paper printing unit to in-house research and editorial team, and finally reaching the reader through its distribution network across India, along with a robust technology team that ensures delivery of the content in various digital formats.

Taxmann owes its success to its core strength – the Editorial and Research Division comprising of a highly motivated group of over 200 associates from the legal community (i.e., advocates, lawyers, chartered accountants, company secretaries) who monitor all the developments in the judicial, administrative and legislative fields and process the information with impeccable perfection, skill, and accuracy.

About the Authors

1. D.S. Agarwala

CA D.S. Agarwala is a practising chartered accountant and has over 30 years of experience in audit and taxation. He is also a fellow member of the Institute of Company Secretaries of India and DISA qualified. He is an empanelled faculty of the Institute of Chartered Accountants of India and was a special invitee to the GST & Indirect Taxes Committee of the ICAI for 2019-2020 and 2020-2021. In 2016, he was appointed convener of the West Bengal Study group on Indirect Taxes formed by ICAI to work closely on various issues related to GST. As a convener of the group and subsequently, he has contributed in the preparation of background materials on GST, FAQs and MCQs on GST, a revised technical guide on Annual Return and GST Audit and a guidance note on accounting treatment on GST. He was also invited as a faculty member to provide GST training to senior officers of the Commercial Tax Department of West Bengal. He is Sr. Vice-President and Advisor to GST & Indirect Tax Committee of DTPA. He has contributed extensively to various professional journals on service tax and GST. At various forums, he has addressed seminars, conferences, workshops, and study circle meetings on GST and service tax.

2. Vikash Kumar Banka

CA Vikash Kumar Banka is a practising chartered accountant. He has secured All India 31st rank in CA intermediate Exam held in May 1998. He has over 20 years of experience in audit, direct and indirect taxation, and his core expertise lies in analysing legal provisions from a practical perspective. He provides consultancy to various business houses on a wide range of issues and also handles their litigation matters. He also provides ERP/Accounting software implementation services in line with GST, as well as the implementation of newly introduced e-invoicing system. He was invited to be a faculty member for providing training to Audit team officers of Bihar Commercial Taxes. Before that, he was part of a GST training programme for senior officers of the Commercial Tax Department of West Bengal up to the level of Joint and Special Commissioners. He was a Special Invitee to the Kolkata Study Group formed by the Indirect Tax Committee of ICAI. He has actively contributed to preparing a Revised technical guide on GST Annual Return, Guidance Note on Accounting Treatment on GST and vetting of ‘Background material on GST’ and Guidance Note to Bank branch Audit. He has to his credit many write-ups and articles in various magazines and Tax Guru. He is a regular speaker on various GST related topics at different forums.

3. Ayush Saraf

CA (Dr.) Ayush Saraf is a practising-chartered accountant. He is also a qualified Company Secretary, Lawyer as well as DISA. He has vast experience in GST Matters, Audits and Income Tax and specialises in litigation work. He is an empanelled faculty of the Institute of Chartered Accountants of India to the GST & Indirect Taxes Committee of the ICAI. He is a doctorate and has submitted his thesis on ‘The Impact of Implementation of Ind AS in Financial Statements of Select Nifty Fifty Companies’. He also contributes articles on various issues related to the GST law in various forums. He is an eloquent speaker on GST Law on various forums. He is also a motivational speaker on various forums. He is the Vice-Chairman of the Guwahati Branch of the Institute of Chartered Accountants of India. He has acted as a guest faculty in various government and non-governmental organisations. He is a prominent face in local news channels over financial and taxation issues.