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    CMA Final Syllabus 2016 (Paper 18): Indirect Tax Laws and Practice


    PAPER – 18: INDIRECT TAX LAWS AND PRACTICE (ITP)
    Section – A: Advance Indirect Tax and Practice
    Percentage of Marks
    1. Goods and Services Tax Act & Rules
    50%
    2. Customs Law
    20%
    3. Foreign Trade Policy (FTP)
    10%
    Section – B: Tax Practice and Procedures

    Case Study Analysis
    20%

    Section – A : Advance Indirect Tax and Practice
    1. Goods and Services Tax Act & Rules
    Introduction What is GST? Need for GST in India. Cascading effect of tax.
    Non-integration of VAT and Service Tax causes double taxation.
    No CENVAT Credit after manufacturing stage to a dealer:
    Cascading of taxes on account of levy of CST Inter-State purchases:
    The existing Indirect Tax frame work in India suffer from various duties and taxes at Central as well as at State level:
    One Nation-One Tax Dual GST Model Central Goods and Services Tax Act, 2017 (CGST) State Goods and Services Tax Act, 2017 (SGST)/ Union Territory Goods and Services Tax Act, 2017 (UTGST) Integrated Goods and Services Tax Act, 2017 (IGST) Goods and Services Tax Network (GSTN)
    The functions of the GSTN (i.e. Role assigned to GSTN). Constitution (101st Amendment) Act, 2016 GST Council Guiding principle of the GST Council Functions of the GST Council. Definitions under CGST Laws.

    2. Levy and Collection of Tax Scope of supply (Section 7 of CGST Act, 2017) Section 7(1)(a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business;
    Section 7(1)(b) of CGST Act, 2017, import of services for a consideration whether or not in the course or furtherance of business
    Section 7(1)(c) of the CGST Act, 2017 the activities specified in Schedule I, made or agreed to be made without a consideration
    Permanent transfer/disposal of business assets
    Supply between related persons or distinct persons
    Supply to agents or by agents
    Importation of Services
    Section 7(1)(d) the activities to be treated as supply of goods or supply of services as referred to in Schedule II
    Un-divided share in goods
    Job work
    Transfer of business assets
    Renting of Immovable Property
    Construction Service
    Information Technology software
    Agreeing to the obligation to refrain from an act, or to tolerate an act or a situation, or to do an act
    Transfer of the right to use any goods for any purpose
    Composite supply
    Supply of goods, by any unincorporated association or body of persons to a member thereof for cash, deferred payment or other valuable consideration.
    Non-taxable Supplies under CGST Act, 2017
    Section 7(2) (a) activities or transactions specified in Schedule III;
    Section 7(2)(b) such activities or transactions undertaken by the Central Government, a State Government or any local authority in which they are engaged as public authorities, as may be notified by the Government on the recommendations of the Council,
    Section 7(3) the transactions that are to be treated as—
    (a) a supply of goods and not as a supply of services; or
    (b) a supply of services and not as a supply of goods. Composite and Mixed Supplies (Section 8 of CGST Act, 2017) Meaning of
     Composite and Mixed Supplies
    Composite Supply
    Mixed supply.
    Levy and Collection
    Composition Levy
    Exemption from tax
    Person liable to pay tax
    Forward Charge
    Reverse Charge
    Person who are required to pay tax under section 9(5) of CGST (i.e. Electronic Commerce Operator)

    3. Time and Value of Supply
    Time of supply
    Place of supply
    Value of supply
    Change in rate of tax in respect of supply of goods or services

    4. Input Tax Credit
    Eligibility for taking Input Tax Credit (ITC)
    Input Tax credit in special circumstances
    Input Tax Credit in respect of goods sent for Job-Work
    Distribution of credit by Input Service Distributor (ISD)
    Recovery of Input Tax Credit

    5. Registration under GST Law
    Persons not liable for registration
    Compulsory registration
    Procedure for registration
    Deemed registration
    Casual taxable person
    Non-resident taxable person
    Cancellation vs. Revocation of registration
    6. Tax Invoice, Credit and Debit Notes
    7. Accounts, Other Records
    8. Payment of Tax
    Computation of Tax liability and payment of tax
    Interest on delay payment of tax
    9. Returns
    10. Assessment
    11. Audit
    12. The Goods and Services Tax (Compensation to States) Act, 2017
    13. Advance concepts under GST
    Introduction
    Demand and recovery
    Offence and Penalties
    Appeals and Revision
    Advance Ruling
    Miscellaneous Provisions
    14. Transitional Provisions
    15. Anti-profiteering
    2. Customs Law
    1. Basic Concepts: Introduction, Definitions, Circumstances of Levy, Circumstance under which no duty will be levied;
    Tax Planning v Tax Management
    Customs Tariff Act, 1975
    General Rules for the Interpretation of Import Tariff
    2. Types of Duties: Introduction, Types of Duties, When can provisional measures are imposed, Refund on anti-dumping duty
    3. Valuation under Customs: Introduction, Transaction Value, Valuation of Imported & Export Goods.
    4. Import and Export Procedure:
    Import Procedure, Warehousing
    Export Procedures, Deemed Exports, Duty drawback, Negative list of Duty Drawback, Export incentives in lieu of duty drawback
    Stores Project Imports Certification
    5. Baggage & Postal Articles: Introduction, Baggage, Postal Articles, Import of Samples
    6. Administrative and other Aspects: Introduction, Appointment of officers of customs, Appointment of customs ports, airports, etc.
    First & Second Appraisement System
    Self-assessment of Customs Duty
    Refund of Customs Duty
    Risk Management System
    Penalties under Customs
    Offences and Prosecutions under Customs
    Integrated Declaration under Indian Customs Single Window Project
    7. Comprehensive Issues under Customs (including Case Studies): Introduction, Adjudicating Authority, Offences, Appeals under Customs, Authority for Advance Ruling
    3. Foreign Trade Policy 2015-2020
    Section – B : Tax Practice and Procedures
    4. Case Study Analysis

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