Tips and Tricks For CA Final Indirect Tax Laws

  • 29 Jun 2022

Indirect Tax Laws is a fascinating subject that is enjoyed by both tax enthusiasts and the majority of students. It contains both GST and Customs laws, however the emphasis is on GST. It's a big topic that requires a lot of attention. GST provisions, GST procedural component, Custom laws, and FTP should all be considered.

 

 

GST (75 marks)

Section

Weightage

Content

1

45%-65%

Levy and Collection of CGST and IGST

Place of supply

Time and Value of supply

Input tax credit

Computation of GST liability

2

10%-30%

Procedure under GST

Liability to pay in certain cases

3

10%-25%

Demand and Recovery

Offences and Penalties

Advance Ruling

Appeals and Revision

4

5%-10%

Introduction to GST in India including Constitutional aspects

Administration of GST, Assessment and Audit

Inspection, Search, Seizure and Arrest

Other provisions

 

 

Customs and FTP (25 marks)

1

40%-65%

Levy of and exemptions from customs duties

Types of customs and duties

Classification of imported and export goods

Valuation of imported and export goods

2

20%-45%

Import and Export Procedures

Drawback

Refund

Foreign Trade Policy: Basic Concepts relating to export promotion schemes under FTP

3

10%-20%

Foreign Trade Policy: Introduction to customs law including Constitutional aspects

Introduction to FTP

Basic Concepts relating to import and export

 

Indirect taxes in general are a scoring paper as far as CA final is concerned. There is a section which explains the provisions of tax laws and also many cases laws which may defeat the sections through court and some cases laws support the sections.

A good conceptual understanding is must for this segment since there are exam questions will be from particular cases laws part and hence case laws play a good role for this subject.

Open mind and body towards the logic of cases and sections and apply those in a comprehensive and effective manner. This will help you to get a good view over the concepts hiding behind the legality.

Never do a by heart studies for this segment. Still, we can expect some level of practical questions from this segment. Take pain of understanding the new things.

Adopt written mode of studies rather than reading methods. Written means writing relevant key points of case laws and sections for easy revisions and not the full content.

For this course, students must have a complete grasp and understanding of the provisions. Furthermore, this is a subject in which different students study different materials.

Regardless, you must comprehend the provisions and be able to apply them in the questions, regardless of where you study. If you're not sure where to start, ICAI study materials are ideal.

Important questions include questions from small or format chapters as also mentioned above like Job work, Registration, Advance Ruling, Assessment and Audit, Accounts Records and E-Way Bill, etc. Apart from these Offenses and penalties is a very important chapter for MCQs and brief questions as well.

Try to write the case laws in Three segment. First Fact of the cases, and second the decision taken by the supreme court. Make a good correlation with your exam questions.

For all the practical question, try to correlate with the things you already learned. Try to write it in your own words. Good Introductory statement and good points and good conclusions.