ICWA INTERMEDIATE INDIRECT TAXATION

Study Note 1 : Canons of Taxation- Indirect taxes 

  • Basis for Taxation
  • Direct Taxes and Indirect Taxes
  • Features of Indirect Tax,
  • Constitutional Validity
  • Administration and Relevant Procedures 

Study Note 2 : Central Excise Act, 1944 

  • Constitutional Background
  • Laws Relating to Central Excise
  • Central Excise Act, 1944
  • Duties Leviable
  • Levy, Collection & Exemptions from Excise Duty
  • Goods
  • Excisability of Plant & Machinery, Waste and Scrap
  • Manufacture
  • Manufacturer
    • Classification of Goods
    • Valuation of Goods
  • Valuation in case of Job Work – Rule 10A
  • Some Critical Issues in Central Excise
  • Assessable Value under Section 4
  • Value Based on Retail Sale Price
  • MRP Based Valuation
  • Assessment under Central Excise Law
  • Procedural Aspects under Central Excise Duty
  • Refund & Other Important Provisions
  • Other Procedures in Central Excise
  • Excise Audit
  • Warehousing
    • Export Benefits and Procedures
  • Excise on Small Scale Industries
  • Demands and Penalties
  • Appeals
  • Important Provisions of Central Excise Act, 1944
  • Important Provisions of Central Excise Rules, 2002
  • Important Rules of Central Excise Valuation Rules, 2000
    • Rules of Classification
    • Study Note 3 :Cenvat Credit
    • Background of Cenvat Credit
    • Highlights of Cenvat Credit Scheme
    • Utilization of Cenvat Credit
    • Reversal of Cenvat Credit
    • Refund of cenvat Credit
    • Obligation of a manufacturer or Producer of
      • final Products and a provider of taxable services
      • Input service Distributor
      • Documents and Accounts
      • Other Provisions
      • Study Note 4 : Customs Law
      • Section A
      • IntroductionTypes of Custom
      • DutyValuation in Customs
      • Methods of Valuation
      • Export Goods- Valuation for AssessmentSelf
      • assessment on basis of ‘Risk Management System’ (RMS)
      • Procedures for Import
      • Procedures for Export
  • Transit and Transhipment of Goods
  • Exemptions and Remission
  • Refund of Customs Duty
    • Appointment of Officers of Customs
  • Appointment of Customs Station, Warehousing Stations etc.
  • Central Government Power of Prohibition,
  • Warehousing in Customs
  • Provisional Assessment of Duty (Section 18)
  • Baggage, Courier and Import and Export through Post
  • Drawback
  • Other provisions in Customs
  • Project Imports
  • Offences, Power and Penalties under Custom
  • Anti-Dumping Duty-An Overview

Study Note 5 : Exim Policy 

  • Legal Framework and Trade Facilitation
  • General Provisions Regarding Imports and Exports
  • Exports from India Schemes
  • Duty Exemption / Remission Schemes
  • Exports Promotion Capital Goods (EPCG) Scheme
  • Export Oriented Units (EOUs), Electronics Hardware Technology Parks (EHTPs),
  • Software Technology Parks (STPs) and Bio-Technology Parks (BTPs)
  • Deemed Exports
  • Quality Complaints and Trade Disputes
    • Definitions
    • Study Note 6 : Service Tax 
  • Introduction
  • Registration Under Service Tax
  • Reverse Charge
  • Brand Name of Another Person
  • Payment of Service Tax [Rule 6]
  • Rate of Service Tax
  • Invoices Under Service Tax
  • Records to be Maintained
  • Automation of Central Excise and Service Tax (ACES)
  • Electronic Accounting System in Excise and Service Tax (EASIEST)
  • Negative List, Exempted Services & Mega Exemptions
  • Point of Taxation
  • Taxable Event in Service Tax
  • Place of Provision of service Rules
  • Valuation of Taxable Services (Section 67)
  • Important Issues under Service Tax Provisions
  • E-Payment of Service Tax
  • Self Adjustment of Excess Tax Paid
  • Special Audit
  • Return
  • Penalties
  • Adjudication & Appeals

Study Note 7 : Adjudication, 

  • penalties and appeals in indirect taxes Common Topics in Indirect Taxes
  • Adjudication in Indirect Taxes
    • Enforcement Powers of Revenue Officers
  • Penalties in Indirect Tax Laws
  • Appeal provisions under Central Excise, Service Tax and Customs
  • Settlement Commission
  • Authority for Advance Ruling

Study Note 8 : State Level VAT 

  • Background of State VAT
  • Basic Principle of VAT
  • Registration Under VAT
  • Overview of State VAT
  • Purchase Tax in VAT or ‘Reverse Change’
  • Tax Rates Under VAT
  • Valuation of Taxable Turnover
  • Procedural Provisions under VAT
  • Assessment of Tax
  • Impact of VAT on CST
  • Role of Cost Accountant under VAT
  • Agriculatural Products or Commodities
  • High Seas
  • Phased out inter-state Sale Tax (i.e Central Sales Tax)

Study Note 9 : Central Sales tax act, 1956 

  • Introduction
  • Constitutional Provisions & Nexus Theory
  • Principles & Objects of CST Act, 1956
    • Definition (Section 2)
  • Sale or purchase in the course of Interstate Sale (Section 3)
  • Sale or purchase outside a State (Section 4)
  • Sale in the course of Export/Import (Section 5)
  • Person liable to pay CST [Section 6(1) & 6(1A)]
  • Exemption in respect of Subsequent Sale [Sec 6(2)]
  • Purchase of Goods by a Registered Dealer [Section 8(3)]
  • Furnishing of Declaration [Section 8(4)]
  • Power to Exempt or Impose Tax at Concessional Rates [Section 8(5)]
  • Sale for units located in Special Economic Zone [Section 8(6)]
  • Determination of Taxable Turnover (Section 8A)
  • Levy & Collection of Tax (Section 9)
  • Penal provisions under CST Act (Section 10)
  • Imposition of Penalty in Lieu of Prosecution (Section 10A)
  • Cognizance of Offences (Section 11 & 12)
  • Goods of Special Importance (Section 14)
  • Liability of liquidator of company in Liquidation (Section 17)
  • Liability of Directors of Private Company in liquidation (Section 18)
  • Central Sales Tax Appellate Authority (Section 19)
  • Appeal (Section 20)
  • Procedure on Receipt of Appeal (Section 21)
  • Powers of the CST Appellate Authority (Section 22 & 23)
  • Authority for Advance Rulings (Section 24)
  • Transfer of Pending Proceedings (Section 25)
  • Applicability of Order Passed (Section 26)
  • Forms under CST

Study Note 10 : International Taxation and Transfer Pricing 

  • International Taxation and Transfer Pricing – In the contest of Indirect
  • Taxation – Introduction
  • International Transaction
  • Arm’s Length Principle
    • Transfer Pricing – Classification of Methods
  • Steps in the process of computing Arm’s Length Price
  • Transfer Pricing (TP) Study
  • Transfer pricing issues in the content of Indirect Taxation
  • Indirect taxation issues in Cross-Border Services
    • Classification of “Cross-Border Services”