Tax controllers, accountants, auditors, and other tax professionals can benefit from this Value Added Tax Training (VAT Course) by better understanding the relevance of managing Value Added Tax (VAT) processes and calculations. If the organisation lacks the necessary understanding, VAT administration can become quite difficult.

If a business has a suitable VAT registration and review process in place, they can prevent violations and fines. Since the processes are mostly the same everywhere, this course focuses on the fundamentals and procedures of VAT as well as the ideas and regulations that apply across regions.

This Value Added Tax (VAT) Course at BIIT covers practical examples of VAT management, VAT characterisation, the history of its terminology, examples of how to file VAT returns, how to look out for impending violations in the VAT system, and guidelines on how to successfully complete audit compliance checks.

Why opting for this “Value Added Tax (VAT) Course at BIIT”? 

At BIIT, Our VAT courses give students a comprehensive overview of the VAT system, covering the fundamental concepts of VAT, its legal and regulatory components, how to deal with VAT implementation and administration, and assistance with comprehending and accurately submitting VAT returns.

You will get knowledge about VAT operations, processes, and procedures with this Zoe training course. Additionally, you will be actively involved in learning about issues, applications, and potential difficulties associated with the implementation and management of VAT in real-world settings.

Goals of the Course

• After successfully completing this VAT course, participants will be able to: Describe VAT and comprehend its intricate workings in depth.
• Implement VAT policies.
• Get ready to pass a VAT audit with flying colours.
• Examine and enhance your own process for registering for VAT.
• Learn about the accounting principles and paperwork requirements, practise calculating VAT, and prepare appropriate VAT returns.
• Understand the VAT concept and obtain a summary of the VAT rules.
• Determine the risks that result from poor VAT management.
• Understand how to read your VAT balance.
• Become knowledgeable about VAT installation and discover how to handle management difficulties.
• Examine the use of VAT in various industries and note any similarities or variances.

Training Techniques

The following training methods at BIIT will be used in this interactive VAT training programme:

• Lectures
• Presentations & Seminars
• Group Conversations
• Assignments
• Exercises with Case Studies
• Calculations Examples

Organizational Advantages

• Businesses who send staff to this VAT course at BIIT can gain from it in the following ways:
• Create a comprehensive VAT programme with the elements that will best serve your company’s needs.
• Create a thorough VAT profile for your business.
• Save money on increased legal costs as a result of VAT infractions.
• Make sure your business is using the most efficient procedures for managing VAT.
• Hire the required personnel to ensure that VAT policies are correctly applied.

Personal Advantages

Participants in this VAT course who are professionals can gain these advantages:

• By explaining the reasons for the need for VAT regulations and the repercussions of breaking them in a highly legalised environment.
• Protect your business from potential problems brought on by poor VAT handling.
• To construct a successful VAT compliance programme, develop strategies for executing VAT policies that include specialised tools and technology, followed by monitoring and training of these policies.

Who ought to attend this course?

This VAT training is appropriate for:

• Financial Experts
• Company owners
• Finance Directors
• General Auditors
• Managers of accounting
• Accountants for businesses
• Financial supervisors

Course Outline

At BIIT, this course enables to cover a large area of information on Value Added Tax.

MODULE 1: FUNDAMENTALS OF VALUE ADDED TAX

• Introduction to value-added tax
• Basic characteristics of taxable supplies – goods and services
• Taxable persons
• Taxable amount – VAT rates and exemptions
• Place of supply – Goods
• Place of supply – Services
• Deduction and recovery of input tax
• Administrative elements of VAT

MODULE 2: VAT CONCEPT

• Concept and motive of VAT
• Input and Output VAT
• Supplies, Goods and Services

MODULE 3: CATEGORIES OF SUPPLIES

• Taxable Supplies
• Reduce rated Supplies
• Zero-rated Supplies
• Exempt Supplies
• Zero Rated Vs. Exempt

MODULE 4: VAT REGISTRATION

• When to register for VAT?
• Who should register for VAT?
• Exceptions to VAT registration – when is it not required?
• Mandatory vs Volunteer VAT registration
• How do you consider the sale of Capital Assets when calculating a VAT threshold?
• VAT registration applicability on non-residents
• The concept of Group VAT registration

Module 5: Date of Supply Rules under VAT 

• What unique conditions apply to the date of supply regulations?
• For repeated purchases (e.g. construction contracts)

MODULE 6: PLACE OF SUPPLY RULES

• How to determine the location where any goods or services are supplied
• Product supply location
• Location of service provision

MODULE 7: VALUE OF SUPPLY RULES

• Compute the VAT due in accordance with the Value of Supply Rules.
• Cost of Supply
• Cost of Import
• The impact of customs charge and landing cost components on VAT

MODULE 8: VAT EXEMPTIONS

• Impact of VAT exemption on specific industries 
• VAT considerations for selling exempt items.
• Residential structures.
• Money-related services
• Vacant land
• Local transportation for people
• Import VAT exemptions and suspensions

Module 9: Calculating VAT 

 When does VAT need to be reported?

• Figuring out input VAT (Purchases)
• Determining Output VAT (Sales, Services, Charitable Contributions, and Gifts)

MODULE 10: VAT ADMINISTRATION 

• Submitting tax returns.
• The deadline for filing VAT
• Case Study: Filing of VAT Returns
• Request for a VAT refund

MODULE 11: VAT PENALTIES

• Penalties for late payments
• Penalties for errors
• Interest rate for defaults

MODULE 12: VAT ON IMPORTS AND EXPORTS

• Figuring out output VAT for exports.
• Calculating import input VAT

MODULE 13: VAT ON IMPORTS AND REVERSE CHARGE MECHANISM

• The reverse charge mechanism theory
• Financial statements for the reverse charge mechanism Tax calculation and reconciliation
• Import VAT implications for shipments and VAT on unregistered imports

MODULE 14: VAT INVOICES AND RECORDS

• The VAT invoice’s design
• Adding VAT to invoice amounts
• Observe VAT invoices.

MODULE 15: VAT RETURN FILING

• Requirements for data and paperwork for filing VAT returns
• Structure of VAT returns
• Recognizing the many components of a VAT return
• Figuring out and making changes to the Reverse Charged VAT
• Accurately deducting input VAT from expenses
• Correction for the profit margin plan
• Cost allocation for exempt supplies
• Application for a VAT refund
• Payment of VAT

BIIT is one of the finest computer academy located in Laxmi Nagar, East Delhi. Here, you can enrol yourself for certificate/diploma or for dnegree courses. If you have any queries, please feel to call or drop a message, our experts will reach you to guide you better.