Navigating tax challenges

The Chemical and Alkali Merchants’ Association (CAMA) along with Knowledge Partner Lakshmikumaran & Sridharan (LKS) is organizing an insightful seminar tailored for importers, exporters, manufacturers and traders of Chemical products to address critical issues related to GST, Customs, and FEMA.

Date & Time

27 Sep 2024 | 5:00 PM

Venue

Mumbai

Lakshmikumaran & Sridharan (LKS) will be participating as a knowledge partner in the seminar being organized by the Chemical and Alkali Merchants’ Association (CAMA).

The seminar is tailored for importers, exporters, manufacturers and traders of Chemical products to address critical issues related to GST, Customs, and FEMA.

This session will inter alia delve into the complexities of GST law, including how to handle investigations, various issues relating to GST concerning the association members, updates from Budget 2024, 54th GST Council meeting and invoice management system. It will also cover challenges faced by importers and exporters under the Customs framework, including on Classification, availing of Duty Exemptions, Free Trade Agreement Benefits, Valuation, Merchant Exports and fulfilment of export obligations. Additionally, the seminar will explore essential aspects of FEMA compliance, such as the realization of export proceeds, handling trade sanctions, and navigating the latest trade regulations.

This seminar aims to provide importers, exporters, manufacturers and traders with practical guidance and updates on regulatory changes, ensuring that they are well-equipped to navigate the evolving landscape of international trade.

The seminar will inter alia cover the following:

1. GST

• How to handle search, seizure, investigations?
• Parallel proceedings – same issues picked up in audit, investigation, anti-evasion – how to handle?
• Issues relating to export and refunds – rule 89, rule 96
• Related party transactions – GST implications – import / export / domestic – cost sharing by multiple group companies, brand usage, corporate guarantee
• Issues relating to ISD and cross charge
• ITC in relation to construction / renovation expenditure
• Non-payment of tax by seller – impact on buyer
• Payment of pre-deposit through credit
• Transfer / assignment of leasehold land
• Budget 2024 updates – amnesty scheme, section 16(4) time limit extensions, section 74A
• Latest developments like invoice management system, credit reversal and reclaim statement, reverse charge statement

2. CUSTOMS & FOREIGN TRADE POLICY

• Importance of correct classification and valuation of goods at the time of import and export
• Guidelines to be followed for availing of duty exemptions, including benefit of Free Trade Agreements
• Framework under Customs Law to demand duty.
• Merchant exports and fulfilment of EO under the Advance Authorization and EPCG schemes on account of bringing in foreign exchange.
• Availability of RoDTEP/Drawback benefit for Merchant exports
• Implications for re-import of goods exported through merchant exporter
• Allied issues for benefit under FTP/ Customs Act for Merchant exports.

3. FEMA

• Realisation of export proceeds – INR permitted?
• Dealing with trade sanctions – FATF v. OFAC
• Write-off and Set-off of export proceeds
• Transfer Pricing Adjustment with related parties (Inflow and Outflow of funds)
• Navigating through the new Draft Trade Regulations and Directions

Speakers :-

• Viswanathan T, Principal Partner
• Kalpesh Shah, Senior Partner
• Asish Philip, Partner
• Srinidhi Ganeshan, Partner
• Darshan Machchhar, Associate Director