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GST Applicability for CS professional CS Executive Exam

GST Applicability for CS professional CS Executive Exam

GST Applicability for CS professional CS Executive Exam: Goods and Services Tax (GST) is an indirect tax applicable throughout India which replaced multiple cascading taxes levied by the central and state governments. It was introduced as The Constitution (One Hundred and First Amendment) Act 2017, following the passage of Constitution 122nd Amendment Bill. The GST is governed by a GST Council and its Chairman is the Finance Minister of India. Under GST, goods and services are taxed at the following rates, 0%, 5%, 12% and 18%. There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold. In addition a cess of 15% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products.

Touted by the government to be India’s biggest tax reform in 70 years of independence, the Goods and Services Tax (GST) was finally launched on the midnight of 30 June 2017, though the process of forming the legislation took 17 years (since 2000 when it was first proposed). The launch was marked by a historic midnight (30 June – 1 July 2017) session of both the houses of parliament convened at the Central Hall of the Parliament, but which was immediately boycotted by the opposition by staging a walk out to show their disapproval of the same.

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GST Applicability for CS professional CS Executive Exam: With the implementation of Goods & Services Tax w.e.f July 1,2017, the students of Professional Programme are hereby notified that the selected topics of Part B of the syllabus for “Advance Tax Laws and Practice” (Module 3 Paper 7) of Professional Programme has been replaced with Goods and Services Tax (GST) for December, 2017 examinations. The syllabus of Part B (70 Marks) of Advance Tax Law and Practice Paper (Module – 3 Paper– 7) for Professional Programme for December, 2017 exam shall be as under

CUSTOMS LAWS & GOODS AND SERVICE TAX (70 MARKS) CUSTOMS LAWS

Introduction Special Features of Indirect Tax Levies – All Pervasive Nature, Contribution to Government Revenues; Constitutional Provisions Authorising the Levy and Collection of Customs 2. Customs Laws

  • Levy of Customs Duties, Types of Customs Duty Leviable, Tariff Classification & Exemptions, Valuation of Imported and Exported goods
  • Provision of Assessment, Payment of Duties, Recovery and Refund of Customs Duties
  • Duty Drawback
  • Procedure for Clearance of Imported and Exported Goods
  • Transportation and Warehousing
  • Confiscation of Goods and Conveyances and Imposition of Penalties; Search, Seizure and Arrest, Offences and Prosecution Provisions
  • Adjudication, Appeal and Revision; Settlement of Cases, Advance Ruling
  • Other Relevant Areas and Case Studies under Custom Laws and Rules

Promissory Estoppel in Fiscal Laws – Principles and Applicability with reference to Indirect Taxes

Tax Planning and Management – Scope and Management in Customs, with Specific Reference to important Issues in the Respective Areas

GOODS AND SERVICE TAX

  1. The Central GST Act,2017
  2. The Integrated GST Act,2017
  3. The Union Territory GST Act,2017
  4. The GST(Compensation to States) Act,2017 The rules relating to GST regime shall not be applicable for December, 2017 exam.

Note: 

  • Questions relating to Central Excise Laws, Service Tax Laws and Value Added Tax will not be asked in December, 2017 exam.
  • There is no change in the syllabus of  Part A – Direct Tax Management (30 Marks) of Advance Tax Laws and Practice Paper (Module – 3 Paper –7) of Professional Programme. *Supplement relating to Indirect Tax covering the Customs Laws & Goods and Service Tax “GST” will be uploaded at ICSI website under academic corner shortly.

GST Applicability for CS professional CS Executive Exam: EXECUTIVE PROGRAMME

The syllabus for Part-B of Tax Law and Practice Paper Module – 1 Paper – 4 (30 Marks) for Executive Programme for December, 2017 exam shall be as under:

  1. The Central GST Act,2017
  2. The Integrated GST Act,2017
  3. The Union Territory GST Act,2017
  4. The GST(Compensation to States) Act,2017 The rules relating to GST regime shall not be applicable for December, 2017 exam.

Note:

  1. Questions relating to Service Tax Laws and Value Added Tax will not be asked in December, 2017 exam.
  2. There is no change in the syllabus of Part A – Income Tax (70 Marks) of Tax Laws and Practice Paper (Module – 1 Paper – 4) of Executive Programme. *Supplement relating to Indirect Tax covering the Goods and Service Tax “GST” will be uploaded at ICSI website under academic corner shortly.

GST Applicability for CS Dec 2017 exam

GST Applicability for dec 2017 Cs Exam

Effects and impacts

The introduction of the GST increased the costs of most consumer goods and services in India including food, hotel charges, insurance and cinema tickets. Upon its introduction in the country, GST led to a number of protests by the business community, primarily due to an increase in overall taxes and hence the prices of goods.

Checkposts across the country were abolished ensuring free and fast movement of goods.

The Central Government had proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products. The central government had assured states of compensation for any revenue loss incurred by them from the date of GST for a period of five years. However, no concrete laws were made to support such action.

As per the government website on GST, “Goods and Services Tax” Network (GSTN) is a nonprofit organisation proposed to be formed for creating a website / platform for all the concerned parties related to the GST, namely stakeholders, government and taxpayers to collaborate on a single portal.When up and running, the portal is supposed to be accessible to the central government which allows it to track down every transaction on its end while taxpayers are advertised to have the ability of connecting this to their tax returns. However its efficacy and efficiency is yet to be tested.

The IT network was touted to be developed by unnamed private firms. The known authorised capital of GSTN is ₹10 crore (US$1.6 million) in which Central Government holds 24.5 percent of shares while the state government holds 24.5 percent and rest with private banking firms for smooth running of the transactions.

Other Details ON GST

GST Applicability for CS professional CS Executive Exam: GST Transitional Provisions

Check here to know more on GST and to download GST Billing Rules :

SL NO. TOPICSLINK
1.Invoicing Under GST CHECK HERE
2.Invoicing Under GST RulesCHECK HERE

Check here to know more on GST HSN Code with Rate :

SL NO. TOPICSLINK
1.GST Rate ScheduleCHECK HERE
2.GST Rate by GST CouncilCHECK HERE
3.GST HSN Codes EnrollnmentCHECK HERE

Check here to know more on GST HSN CODE in Excel Format :

SL NO. TOPICSLINK
1.GST HSN Code list in Excel FormatCHECK HERE
2.GST Rate List with HSN Code – All Items ListCHECK HERE
3.GST Invoice Format PDFCHECK HERE
4.GST Invoice Format ExcelCHECK HERE
5.

HSN Code List for GST in Word

CHECK HERE 
6. Item Wise GST Rates Decided on 18th June 2017 on Certain ServicesCHECK HERE

Check here to know more on GST Delivery Challan :

SL NO. TOPICSLINK
1.GST Delivery Challan Excel format 1CHECK HERE
2.GST Delivery Challan Excel format 2CHECK HERE
3.GST Delivery Challan PDF formatCHECK HERE

GST Applicability for CS professional CS Executive Exam

For more on GST and GST Transitional Provisions log onto www.cakart.in

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