Posts Tagged ‘Indirect Tax’


The Indirect Taxes Committee of the Institute has submitted the Pre-Budget Memorandum, 2013 relating to Indirect Taxes to the Ministry of Finance. The Memorandum contains suggestions on various issues in the area of indirect taxes with a view to make tax laws simple, fair and transparent.

Indirect Taxes Committee Secretariat

ICAI

Pre-Budget Memorandum, 2013

Source: The Institute of Chartered Accountants of India.


Exam at Mumbai/Navi Mumbai, Thane and Panvel Postponed.

November 17, 2012 

CHARTERED ACCOUNTANTS EXAMINATION 

Due to unavoidable circumstances, the Final Examination in Paper 8 – Indirect Tax Laws, and the Post Qualification Course(s) Examination(s) in Management Accountancy, Corporate Management, Tax Management, and Insurance and Risk Management, scheduled to be held on Sunday, the 18th November, 2012 in the Examination Centre(s) in Mumbai/Navi Mumbai [Zone I to Zone XI], Thane, and Panvel stand postponed. The new date of said examinations at the above Centres will be announced shortly. The candidates are advised to stay in touch with the website of the Institute, www.icai.org. 

However, it is clarified that the examinations scheduled for 18th November, 2012 in all other centres will be held as scheduled, i.e., on 18th November, 2012.

Source: The Institute of Chartered Accountants of India.


Further Clarification – Non-Applicability of Taxable Services in Final-Paper 8: Indirect Tax Laws for November, 2012 Examinations

We have received large number of queries from the students with regard to the BoS’ announcement dated 07.07.2012 relating to the non-applicability of taxable services in Final – Paper 8: Indirect Tax laws for November 2012 examinations. In this regard, it is reiterated that the Examination Committee at its 497th meeting held in September, 2012 has decided that students appearing in November 2012 examinations will not be examined with respect to specific services in the area of service tax laws in Paper 8: Indirect Tax Laws (Final Examination).

Therefore, it is clarified that ALL the taxable services (including the thirty two (32) services notified earlier by the BOS through its announcement dated 14.09.2011) will not be relevant for November 2012 exams.

It is further clarified that Chapter 4 : Gamut and Coverage of Taxable Services of Study Material and Practice Manual for Paper 8: Indirect Tax Laws will NOT be applicable for November 2012 exams. However, it may be noted that all other chapters of the Study Material and Practice Manual are relevant for November 2012 examination.

Based on the queries received from the students, the following are further clarified:

(i) Negative list of services and other amendments made vide the Finance Act, 2012 are not relevant for Nov 2012 exams.

(ii) Marks distribution between the three sections viz. Central Excise (40 marks), Service Tax and VAT (40 marks) and Customs (20 marks) has not changed.

Director Board of Studies

Click here to download the above Clarification in PDF Format.

Source: The Institute of Chartered Accountants of India.

 

 

 


Important Announcement

The Examination Committee at its 497th meeting held in September, 2012 has decided that students appearing in November 2012 examinations will not be examined with respect to specific services in the area of service tax laws in the following papers:

(i) Part-II – Service Tax and VAT of Paper 5: Taxation (PCE)

(ii) Part-II Service Tax and VAT of Paper 4: Taxation (IPCE)

(iii) Paper 8: Indirect Tax Laws (Final Examination)

Accordingly, the BoS’ announcement dated 14.09.2011 specifying eight taxable services for Paper 4: Taxation (IPCE) and thirty two taxable services for Paper 8: Indirect Tax Laws (Final) for examination purposes stands withdrawn. It is further clarified that the following chapters of the respective Study Materials will NOT be relevant for November, 2012 examinations:

(i) IPCE

Unit 2 of Chapter 2: Taxable Services of Part II: Service tax and VAT of Volumes I and II of the Study Material for Paper 4: Taxation.

(ii) Final Examination

Chapter 4: Gamut and Coverage of Taxable Services of Volumes II and III of the Study Material for Paper 8: Indirect Tax Laws.

(iii) PCE

Following chapters of Part II: Service tax and VAT of Volumes I and II of Study Material for Paper 4: Taxation (IPCC)*

  1. Unit 2 of Chapter 2: Taxable Services,
  2. Chapter 5 :Input Tax Credit and Composition Scheme for Small Dealers, and
  3. Chapter 6 : VAT Procedures

*As is already communicated, the Study Material and Practice Manual of Paper 4: Taxation (IPCC) is also relevant for Paper 5: Taxation (PCC) students.

All the remaining chapters are applicable for the examination purposes. Students may take note of it and prepare accordingly.

Any queries with regard to this announcement may be sent at smita@icai.org, shefali.jain@icai.in or swati.bos@icai.org.

Director, Board of Studies

Click here to download the above Announcement in PDF Format- Non-Applicability of Taxable Services in PCE-Paper 5: Taxation, IPCE-Paper 4: Taxation and Final-Paper 8: Indirect Tax Laws for November, 2012 examinations.

Source: The Institute of Chartered Accountants of India.