Paper 8: Indirect Tax Laws

(One paper – Three hours – 100 marks)

Level of Knowledge: Advanced knowledge

Objectives:

(a) To gain expert knowledge of the principles of the laws relating to central excise

customs and service tax,

(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 (40 marks)

Central Excise Act, 1944 and the related Rules, Circulars and Notifications; Central Excise Tariff Act, 1985 and the related Rules.

Section B: Service tax & VAT (40 marks)

Law relating to service tax as contained in the Finance Act, 1994 as amended from time to time and the related Rules, Circulars and Notifications.

Issues related to Value Added Tax:

1. Backdrop for State-Level VAT in India

2. Taxonomy of VAT

3. Input tax credit, tax invoices

4. Small dealers and composition scheme

5. VAT procedures

6. VAT in relation to incentive schemes, works contract, lease transactions and hire

purchase transactions.

7. VAT and Central Sales Tax

Section C: Customs (20 marks)

Customs Act, 1962 and the related Rules, Circulars and Notifications; Customs Tariff Act, 1975 and the related Rules.

While covering the above laws, students should familiarize themselves with the   interrelationship of accounting with excise, customs and service tax and also the ethical

considerations involved in the compliance of these laws.

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. Students shall not be examined with reference to any particular State VAT

Law.