Applied Indirect Taxes

ICWA :: Intermediate
Paper 10 : Applied Indirect Taxes
[One Paper: 3 hours:100 marks]

Objective . . .

•	To gain knowledge of various provisions of Central Excise, Service tax, VAT & Sales Tax.
•	To know the applications of provisions in different situations
•	To understand the statutory compliance under indirect taxes including audits

1.	Canons of Taxation - Indirect Taxes	5%
	• Features of Indirect Tax. Constitutional validity. Indirect Tax Laws, administration and relevant procedures
2.	Central Excise	25%
	• The Central Excise Law • Goods, Excisable goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4, CENVAT. • Basic procedures, Export, SSI, Job Work. • Assessment, Demands, Refund, Exemptions; • Powers of Officers. • Adjudication, Appeals, Settlement Commission, Penalties . • Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act • Impact of tax on GATT 94, WTO, Anti Dumping processing; • Tariff Commission and other Tariff authorities.
3.	Customs laws	15%
	• Basic concepts of customs law; • Territorial waters, high seas; • Types of custom duties., Anti- Dumping Duty, Safeguard Duty; • Valuation; • Customs Procedures, Import and Export Procedures, Baggage. • Exemptions. • Warehousing, Demurrage; • Project Imports and Re- Imports; • Penalties and Offences. • Export Promotion Schemes. EOU • Duty Drawback. • Special Economic Zones.
4.	Service Tax	15%
	• Introduction, Nature of Service Tax. • Service Provider and Service Receiver. • Registration procedure • Records to be maintained • Classification of taxable services • Valuation of taxable services. • Exemptions and Abatements. • Payment of service tax, Return • Cenvat Credit Rules • Export and import of services. • Other aspects of Service Tax. • Taxable Services. • Special Audit under 14A and 14AA of Central Excise Act
5.	Central Sales Tax Act & VAT Act.	15%
	• Introduction, definition of sale under CST; • Stock transfer, branch transfer under CST; • Inter state sale, • Various forms for filing of sales tax returns under CST; • Sales outside territorial waters under CST; • Procedures. • Practical examples on CST. • VAT, Salient features of State VAT Acts • Treatment of stock & branch transfer under State VAT Acts • Filing & Return under State VAT Acts • Accounting & Auditing VAT
6.	Practical problems and Case Studies under Indirect Tax Laws	25%