Syllabus of Indirect Taxes – CA, CMA and CS

Syllabus of Indirect Taxes of the three prime Institutions

CA Final Syllabus from November 2014

FINAL GROUP II – PAPER 8 : INDIRECT TAX LAWS (Effective from November, 2014)

(One paper – Three hours – 100 marks)

Level of Knowledge: Advanced knowledge. Objectives: – (a) To gain advanced knowledge of the principles of the laws relating to central excise, service tax and customs (b) To acquire the ability to apply the knowledge of the provisions of the above-mentioned laws to various situations in actual practice

Contents:

Section A: Central Excise (25 marks) – Central Excise Act, 1944 and the Central Excise Tariff Act, 1985

Section B: Service Tax (50 marks) – Law relating to service tax as contained in the Finance Act, 1994 as amended from time to time

Section C: Customs and Foreign Trade Policy (25 marks) – Customs Act, 1962, Customs Tariff Act, 1975 and Foreign Trade Policy to the extent relevant to the Customs Law

Note – If new legislations are enacted in place of the existing legislations relating to central excise,

customs and service tax, the syllabus will accordingly include such new legislations in place of the

existing legislations with effect from the date to be notified by the Institute.

 

Syllabus for CA Intermediate (IPC) and Accountants Technician from November 2014

Intermediate (IPC) Group I Paper 4 Taxation

Part I – Income tax – 50 marks – Not reproduced

Part II – Indirect Taxes – 50 marks

Objective: To develop an understanding of the basic concepts of the different types of indirect taxes and to acquire the ability to analyse the significant provisions of service tax.

1. Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions

2. Significant provisions of service tax – (i). Constitutional Aspects (ii) Basic Concepts and General Principles (iii) Charge of service tax including negative list of services (iv) Point of taxation of services (v) Exemptions and Abatements (vi) Valuation of taxable services (vii) Invoicing for taxable services (viii) Payment of service tax (ix) Registration (x) Furnishing of returns (xi) CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004].

Note – If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.

 

ICWA (CMA) Inter Syllabus 2012 (effective from December, 2013 examination)

Paper 11 – Indirect Taxation

1. Canons of Taxation- Indirect Taxes  (a) Features of Indirect Tax, Constitutional Validity (b) Indirect Tax Laws, administration and relevant procedures =- 5%

2. Central Excise (a) The Central Excise Law -Goods, Excisable Goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4 CENVAT, Basic Procedure, Export, SSI, Job Work (b) Assessments, Demands, Refund, Exemptions, Power of Officers (c) Adjudication, Appeals, Settlement Commission, Penalties. (d) Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act (e) Impact of tax on GATT 94, WTO, Anti-Dumping processing (f) Tariff Commission and other Tariff authorities – 20%

3. Customs Laws – (a) Basic concepts of Customs Law (b)Types of customs duties, Anti-Dumping Duty, Safeguard Duty (c) Valuation, Customs Procedures, Import and Export Procedures, Baggage, Exemptions, Warehousing, Demurrage (d) Project Import and Re-imports (e) Penalties and Offences – 15%

4. EXIM POLICY – (a) EXIM Policy (b) Export Promotion Schemes, EOU (c) Duty Drawback (d) Special Economic Zone -  10%

5. Service Tax – (a) Introduction, Nature of Service Tax, Service Provider and Service Receiver (b) Registration procedure, Records to be maintained (c) Negative List of Services, Exemptions and Abatements (d) Valuation of Taxable Services (e) Payment of service Tax, Returns of Service Tax (f) CENVAT Credit Rules, 2004 (g) Place of Provision of Service Rules, 2012 (h)Other aspects of Service Tax (i) Special Audit u/s 72A of the Finance Act, 1994 for Valuation of Taxable Services – 25%

6. Central Sales Tax Act & VAT Act  – (a) Central Sales Tax -  (i) Introduction, Definitions , salient features of CST Act (ii) Stock Transfer, Branch transfer, Inter State Sale (iii) Various forms for filing of returns under CST (iv) Procedures under Central Sales Tax (CST)

(b) Value Added Tax (VAT) (i) Introduction, definitions, salient features of Sate VAT Act (ii) Treatment of stock & branch transfer under State VAT Act (iii) Filing of return under State VAT Act (iv) Accounting & Auditing VAT – 15%

7. Basic Concepts of International Taxation & Transfer Pricing in the context of Indirect Taxation – (a) International Taxation & Transfer Pricing issues in the context of Indirect Taxation (b) Indirect Taxation issues in cross-border services (c) General Anti-Avoidance Rule (GAAR) – concept and application (d) Advance Pricing Agreement (APA) – concept and application – 10%

 

ICMA (ICWA) Final Syllabus 2012 (effective from December 2013 exam)

Paper 16 – Tax Management and Practice

Section A: Tax Management [70 marks]

1. Central Excise – (a) The Central Excise Law – Assessments, Demands, Refund, Exemptions, Power of Officers (b) Adjudication, Appeals, Settlement Commission, Penalties (c) Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act (d) Tariff Commission and other Tariff authorities

2. Customs Law – (a) Valuation, Customs Procedures, Import and Export Procedures, Baggage, Exemptions, Warehousing, Demurrage, Project Import and Re-imports (b) Penalties and Offences (c) Anti-dumping Duty – Valuation under Customs Law, application of cost accounting principles in assessment, Impact of tax on GATT 94, WTO, Anti-Dumping processing

3. Service Tax – (a) Introduction, Nature of Service Tax, Service Provider and Service Receiver, Registration and related issues (b) Negative List of Services, Exemptions and Abatements (c) Valuation of Taxable Services (d) Payment of service Tax, Returns of Service Tax (e) CENVAT Credit Rules, 2004 (f) Place of Provision of Service Rules, 2012 (g) Other aspects of Service Tax (h) Special Audit u/s 72A of the Finance Act, 1994 for Valuation of Taxable Services

4. Export Promotion Schemes, Foreign Trade Policies, EOU, SEZ, EXIM Policy (with special reference to impact on tax planning) – (a) Export Promotion Schemes,(b) Export Oriented Units (EOU) (c) Foreign Trade  Policies (d) Special Economic Zone (SEZ) (e) EXIM Policy

5. Central Sales Tax and VAT Act

(a) Central Sales Tax – (i) Assessment of transactions related to Stock Transfer, Branch transfer, Inter State Sale (ii) Returns and assessment procedures under Central Sales Tax (CST) (b) Value Added Tax (VAT) – (i) Assessment of transactions related to stock & branch transfer under State VAT Act (ii) Returns and assessment procedures under State VAT Act

6. Income Tax

(a) Assessment of Individuals, HUF, Firms ( including LLP), Association of Persons( AOPs), Co-operative Societies, Trusts, Charitable and Religious Institutions, Mutual Associations, Companies ( including Dividend Distribution Tax (DDT), Minimum Alternate Tax (MAT) and other special provisions relating to companies) (b) Taxation of Non-Residents, Double taxation Relief, Double Taxation Avoidance Agreements (DTAAs) (c) Return of Income and procedure of Assessment (d) Search, Seizure & Survey and special procedure for Assessment of Search cases, (e) Income of other persons included in Assessee’s Total Income; Aggregation of Income and Set off or Carry Forward of Losses; Deductions in computing Total Income; Rebates & Reliefs; Applicable Rates of Tax and Tax Liability (f) Advance Rulings; Settlement Commission, Appeals and Revision, Penalties and Prosecutions

(g) Business Reorganisation (h) Income Tax Authorities (g) Liability in Special Cases

7. Wealth Tax

(a) Valuation of assets and Computation of Taxable Wealth (b) Return of Wealth Tax and assessment procedure

8. International Taxation

(a) International Taxation & Transfer Pricing issues (b) Application of Generally Accepted Cost Accounting Principles and techniques for determination of Arm’s Length Price (c) Indirect Taxation issues in cross-border services (d) General Anti-Avoidance Rule (GAAR) – concept and application (e) Advance Pricing Agreement (APA) – concept and application

Section B : Tax Practice and Procedures [30 marks]

9. Case Study Analysis

Disclaimer: The contents of this subject/ paper shall be reviewed every 6 months and shall be incorporated accordingly.