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Home / Syllabus / B.Com. (Investment Management) / TY BCom IM / Semester 5 / Introduction to Indirect Taxation and GST Framework

B.Com. (Investment Management) Introduction to Indirect Taxation and GST Framework Syllabus - Mumbai University

This is the TY BCom IM syllabus under NEP 2020, in force from the academic year 2026-27. The University still sets the earlier Choice Based papers alongside it for ATKT candidates, so check which scheme your exam form names before you revise.

Introduction to Indirect Taxation and GST Framework Syllabus.pdf
Major · Semester 5 · TY BCom IM · 4 credits · 100 marks

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Syllabus for Introduction to Indirect Taxation and GST Framework

Major · Semester 5 · TY BCom IM · 4 credits · 100 marks

Module I: Introduction

  • Unit 1: Basics of Indirect Taxes
  • Meaning and Characteristics – Explains the concept of indirect taxes, their features, and how the tax burden is shifted.
  • Types of Indirect Taxes (Pre-GST) – Describes VAT, Service Tax, Excise Duty, Customs, and other taxes replaced by GST.
  • Need for Tax Reforms – Highlights issues like cascading effect and complexities that led to GST introduction.
  • Constitutional Provisions – Discusses the 101st Constitutional Amendment and distribution of taxation powers.
  • Unit 2: Introduction to GST Framework
  • Concept and Scope of GST – Explains the meaning, objectives, and coverage of GST in India.
  • Dual GST Model – Describes CGST, SGST/UTGST, and IGST and how they operate.
  • GST Council – Covers composition, roles, and decision-making powers of the GST Council.
  • Benefits and Challenges of GST – Examines advantages for businesses and challenges during implementation.

Module II: Levy, Supply & Registration under GST

  • Unit 3: Levy and Collection of GST
  • Supply as the Taxable Event – Defines supply and identifies taxable, exempt, and non-taxable supplies.
  • Charge of GST – Describes applicability of CGST, SGST/UTGST, and IGST based on nature of supply.
  • Composite and Mixed Supplies – Explains classifications affecting GST rate and tax liability.
  • Reverse Charge Mechanism (RCM) – Discusses cases where the recipient pays GST and related compliance.
  • Unit 4: GST Registration
  • Eligibility and Threshold Limits – Highlights turnover limits and categories requiring mandatory registration.
  • Registration Procedure – Explains application steps, documentation, and issue of GSTIN.
  • Cancellation and Revocation – Describes circumstances for cancellation and process of revocation.
  • Special Registrations – Covers casual taxable persons, non-resident taxable persons, and e-commerce operators.

Module III: Input Tax Credit, Documentation & Returns

  • Unit 5: Input Tax Credit (ITC)
  • Eligibility and Conditions – Explains rules for claiming ITC and situations where credit is blocked.
  • Matching, Reversal & Reclaim – Covers mismatch in GSTR filings and conditions for ITC reversal.
  • ITC on Capital Goods & Input Services – Describes treatment of capital goods and services under GST.
  • Cross-utilisation of Credits – Explains set-off rules for CGST, SGST, and IGST liabilities.
  • Unit 6: GST Documentation & Returns
  • Tax Invoice, Debit & Credit Notes – Describes mandatory contents and purpose of each document.
  • GST Returns Filing – Explains GSTR-1, GSTR-3B, and annual return requirements.
  • GST Payment Process – Covers electronic ledgers, challans, and payment modes.
  • Assessment & Audit – Discusses types of assessments and GST audit obligations.

Module IV: Indirect Tax Implications for Investment Sector

  • Unit 7: GST on Investment Operations
  • GST on Financial Market Intermediary Services – Explains GST applicability on brokerage services, depository participant (DP) charges, custodian services, registrar & transfer agent (RTA) services, and portfolio management fees. Shows how GST affects the cost of trading and investment transactions.
  • GST on Investment-Related Charges & Fees – Covers tax implications on transaction charges levied by stock exchanges, clearing corporations, research reports, investment advisory fees, algorithmic trading platform fees, and wealth management charges.
  • Input Tax Credit for Investment Entities – Discusses ITC treatment for mutual fund houses, portfolio managers, stockbrokers, investment advisors, and Alternative Investment Funds (AIFs). Includes proportionate ITC reversal for exempt investment income (like dividends) and the use of Input Service Distributor (ISD).
  • GST Compliance in Investment Operations – Explains invoicing norms for brokerage/advisory services, GST reporting of securities-related services, place-of- supply rules for NRI investments, and registration/compliance requirements for SEBI- regulated intermediaries.
  • Unit 8: GST on Investment Products & Fund Management Services
  • GST on Mutual Funds & Asset Management Services – Explains GST on fund management charges, exit load processing, distributor commissions (forward and trail), and how GST impacts Expense Ratio (TER) and investor NAV.
  • GST on Portfolio Management & Wealth Advisory Services – Covers taxation of PMS fees, performance-linked fees, financial planning fees, and GST implications for family offices and high-net-worth investment advisory setups.
  • GST on Alternative & Structured Investment Products – Discusses GST applicability on Alternative Investment Funds (AIFs), REIT/InvIT management services, structured products advisory, and custodial/administration charges for institutional investors.
  • Practical Applications & Case Studies – Provides examples of GST computation on mutual fund TER, PMS invoices, advisory fee billing, and GST treatment for cross- border investment services (e.g., foreign research, overseas asset management).

Reference Books

  • 1 Goods and Services Tax (GST) – Taxmann Publications
  • 2 Indirect Tax Law – V.S. Datey
  • 3 Indirect Taxes – H.C. Mehrotra & Prof. Agarwal
  • 4 GST Manual – R.K. Jain
  • 5 Customs Law & GST – ICAI Study Material

Reproduced from the University of Mumbai syllabus for B.Com. (Investment Management) under NEP 2020, in force from the academic year 2026-27. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its year. Open a document here if you want the whole thing rather than a single subject.

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