Practical Guide to GST on Automobile Industry

Key Highlights
 *   Detailed and practical analysis of GST provisions which directly impact the automobile industry
 *   Evaluation of disputes under the erstwhile IDT regime and its implications under GST for this sector
 *   Exhaustive commentary on Classification and Valuation disputes for this industry
 *   Compendium of various practical issues faced by the industry under GST along with possible solutions
 *   More than 350 judicial decisions relevant to the automobile industry
 *   Updates of 50th GST Council meeting covered in this edition
 *   Specific and relevant procedures and compliances under GST
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Description
GST has been the biggest tax reform the country has witnessed in the last 5-6 decades. Implementation of such a large-scale tax reform in a country like India has its own challenges. Many of the sectoral challenges in the erstwhile indirect tax regime continue even under the GST regime and in certain cases, new challenges have emerged. Each sector has its own set of unique challenges under GST, be it classification, levy or any other core area, which needs to be introspected in detail. The tax positions adopted by various sectors under the erstwhile tax regime needs to be revisited under GST. The Indian Automobile Industry is fifth largest in the world. The industry accounts for 7.1% share in the country's Gross Domestic Product (GDP) and provides employment to over 35 million people. Despite its contribution to the economy and growth potential, the automobile sector has been combating the hardship of high tax rates and has suffered wrath of tax disputes in the erstwhile indirect tax regime.The industry has seen extensive litigation on classification of parts and components, VAT vs. Service Tax tussle, valuation issues in case of PDI charges, warranties, taxation on handling charges, deductibility of post sales discounts and many more. Though GST brings relief in cascading of taxes and double taxation, the saga of litigation seems to be continuing in GST wherein mainstream litigation is set to grow in next couple of years. The Second Edition of Practical Guide to GST on Automobile Industry encompasses a comprehensive  commentary on various GST implications for the sector. The book covers the recent updates including the developments related to the 50th GST Council  Meeting held in July 2023. The book is primarily covered in 4 parts, with specific focus on providing in-depth coverage and insights of the authors. The second  edition of the book has been authored by CA. Vikram Katariya, CA. Shilpi Jain and CA. Pradeep V. under the guidance of CA. Madhukar N. Hiregange. The  authors of the first edition of the book were CA. Vikram Katariya, CA. Ravi Kumar Somani and CA. Vini Patni. The primary objective of this book is to provide  comprehensive insights on GST implications on specific aspects of the sector. 
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Table of Contents
Part I: Introduction
Chapter 1 Introduction to Automobile Industry
Chapter 2 Overview of GST
Part Ii: Outward Supplies
Chapter 3 Implications on Outward Supplies — OEM and Component Manufacturers
Chapter 4 Valuation under GST
Chapter 5 Classification, Rate of Tax and Exemptions — OEM and Component Manufacturers
Chapter 6 Automobile Dealers
Chapter 7 Authorised Service Centres & Garages
Chapter 8 Job work in Original Equipment & Component Manufacturing
Chapter 9 Overview of Input Tax Credit
Chapter 10 ITC on Capital Assets — Original Equipment’s and Parts & Components Manufacturers in Automobile Industry
Chapter 11 ITC on Direct Procurements & Other Expenses — OEM & Component Manufacturers in Automobile Industry
Chapter 12 ITC on Direct Procurements & Other Expenses — Automobile Dealers & Service Stations
Chapter 13 Implications under Reverse Charge Mechanism
Chapter 14 Registration
Chapter 15 E-invoicing and Documentation
Chapter 16 Returns and Payments
Chapter 17 Types of Refunds under GST
Chapter 18 Annual Return
Chapter 19 E-way Bill
Chapter 20 Assessments and Audits under GST
Chapter 21 Appeals and Revision
Chapter 22 Writ Petitions
Chapter 23 Offences and Penalties
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Author Details
Madhukar N Hiregange : Senior Partner Hiregange & Associates LLP having 16 offices in India specialized in Indirect Taxes Reviews/ FTP Consultancy litigation as well as value-added audits. Jointly Authored 28 books in Central Excise, Service Tax, Karnataka VAT, IDT audits & GST. 3 GST books slated for release in 2021. In the last 15 years on a mission to create committed professional leaders. Has encouraged / fostered 130 + leading professionals in Industry and Practice to take up ethical practice in IDT. Striving to be a “thought leader”. Has been active in the field of spreading awareness through articles and workshops (physical & online) Active in online replies and contributes on several professional site like – Taxsutra, hiregangeacademy.com., linked in, facebook, youtube, etc. Contributed to the nation by volunteering 6 years to the Central Council of ICAI. Involved in efforts to make the Indirect Tax laws in India simple, certain and fair and creating an awareness of the potential of knowledge of Indirect Taxes in India. Managing Trustee – Empower Education Foundation for the past 15 years supported the education of about 1300 lesser privileged students. Knowledge partner to Hiregange Academy which is an employability and knowledge initiative served 4000 to enhance their capability mainly in IDT. Believes in “Value Based Practice and Life”.
Vikram Katariya : is a Chartered Accountant, having more than 10 years post qualification experience in the profession. He is currently a Partner at Hiregange & Associates LLP, and heads the Chennai branch of the Firm. Qualified as a Chartered Accountant in the year 2010 and a Commerce graduate from Loyola College, Chennai. He has more than five years of experience in the Audit & Assurance and Indirect Tax Division in Big 4s’. In practice since 2012, he has extensive exposure in Indirect taxes and Audit, across various sectors including IT/ITES, Manufacturing. Insurance, Telecom, Hospitality, Healthcare etc. He has co-authored a book “Practical Guide to GST on Healthcare & Pharmaceutical Sectors” which is published by Bharat Law House, and a handbook on New and Simplified Returns. He had also contributed to the Handbook on Annual Return and Audit under GST, which was published by Swastik Publications. He is also a regular speaker at various Seminars and Corporate Tax Forums on GST related matters.