Government Grant Utilisation & Documentation for FPCs

Key Curriculum Focus:

• GST registration thresholds, aggregate turnover tests, and voluntary registration advantages
• HSN/SAC identification and product-wise GST rate verification for farm commodities
• Statutory distinctions: Taxable vs Exempt vs Nil-rated vs Non-GST agricultural supplies

Key Curriculum Focus:

• GSTR-1, GSTR-1A, GSTR-3B and QRMP scheme mechanics for seasonal agricultural turnover
• GSTR-2B matching and navigating the new Invoice Management System (IMS)
• ITC eligibility, blocked credits under Section 17(5), reversals, and lawful reclaims

Key Curriculum Focus:

• E-invoice applicability and ₹5 Crore turnover checks; IRN generation and signed QR code mandates
• Real-time invoice generation, 24-hour cancellation rules, and amendment workflows
• E-way bill thresholds, movement of agricultural commodities, and multi-vehicle transport

Key Curriculum Focus:

• Form GSTR-9 annual return and GSTR-9C reconciliation statement applicability for FPCs
• Locating notices on the GST portal and tracking strict statutory response deadlines
• Return scrutiny under Section 61, ASMT-10 mismatch notices, and DRC-01 demand orders

Key Curriculum Focus:

• FPC company setup and chart of accounts in Tally; member-wise ledgers and audit trail (Edit Log)
• Accounting for share application money vs paid-up share capital; farmer produce procurement ledgers
• Valuation of inventory, agricultural wastage, grading/sorting loss, and processing costs

Key Curriculum Focus:

• Agricultural income: Pure cultivation (exempt under Sec 10(1)) vs trading, processing, and services
• Member vs non-member income segregation and proportionate overheads allocation
• Corporate income tax rates, regime selection (Section 115BAA vs normal), and deductions

Key Curriculum Focus:

• TDS obligations: Contractors (194C), Professionals (194J), Rent (194-I), Brokerage (194H), Interest (194A)
• TDS on purchase of goods under Section 194Q and TCS on sales under Section 206C(1H)
• Deduction timelines, government treasury deposit challans (ITNS 281), and handling inoperative PANs

Key Curriculum Focus:

• Producer eligibility tests: Criteria for primary producer status, landholding proofs, and AOA covenants
• Active member vs non-active member definitions and implications on quorum and voting rights
• Share application money controls, collection registers, bank escrow accounts, and receipts

Key Curriculum Focus:

• Producer Company specific share transfer restrictions under Chapter XXIA and Articles of Association
• Active-member qualification of transferees, Board approval protocols, and transfer deed execution
• Death of a farmer member: Transmission of shares, nominee rights, and legal heir settlement procedures

Key Curriculum Focus:

• Board composition: 5 to 15 directors, tenure, rotation, expert directors, and women director inclusion
• Eligibility, consent to act (DIR-2), DIN allotment, disqualification checks (DIR-8), and MBP-1 disclosures
• Statutory fiduciary duties of directors under Section 166 and personal liabilities for non-compliance

Key Curriculum Focus:

• Meeting frequencies: Quarterly board meetings, 120-day gap rules, and convening authorities
• 14-day statutory AGM notice period, dispatch proofs, balance sheet circulation, and explanatory statements
• Active-member quorum calculations under Producer Company provisions and consequences of lack of quorum

Key Curriculum Focus:

• Annual financial statements, Board’s Report preparation with statutory disclosures, and Form AOC-4 filing
• Correct annual return selection: Form MGT-7 vs Form MGT-7A (Small FPCs) and attachments verification
• Statutory Auditor appointment at AGM, tenure limits, casual vacancy, and filing Form ADT-1 within 15 days