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Indirect Tax Laws & Practice

Indirect Tax laws and Practice

CMA Final - Paper 18: Indirect Tax laws & Practice

ICMAI has introduced this paper Indirect Tax Laws & Practice at the CMA Final level where you gain an understanding on various concepts & issues related to Indirect Taxes in the country. You will also develop the skills to help address issues of conflicts of the assesse and their respective tax authorities. 

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More about Indirect Tax laws & Practice

What is “Indirect Tax Laws & Practice”? 

An Indirect Tax is collected by one entity in the supply chain (usually a producer or retailer) and paid to the government, but it is passed on to the consumer as part of the purchase price of a good or service. The consumer is ultimately paying the tax by paying more for the product.  

 

Why has ICMAI introduced this paper, Indirect Tax Laws & Practice, at the CMA Final level?
  • To gain understanding on various concepts & issues related to Indirect Taxes in the Country 
  • Helps in addressing issues of conflicts of the assessee and their respective tax authorities 
What are the topics covered in Indirect Tax Laws & Practice at the CMA Final Level? 
  • GST i.e., Goods and Service Tax Act is the recent drift faced in indirect taxation system of law, and as such occupies a great portion in syllabus and share of marks 
  • Case study analysis stands as an important area to be learnt as final level students are expected have an expert knowledge 
  • Various new small concepts of Customs law and Foreign Trade Policy are the other laws that needs a good understanding 
What is the best approach to study Indirect Tax Laws & Practice paper? 
  • Make your own notes. Your hand-written notes come to the rescue during last minute revision  
  • Study the case laws released for your exam  
  • Solve a good number of problems 
  • Try covering as much as possible in the syllabus; do not resort to selective study  
  • Make sure you are reading all the materials that are applicable to your exam  
  • Solve all Mock papers, revision test papers and Questions for practice released by the institute for GST  
  • You may also take suggested answers of May and Nov -18 exams to prepare for GST  
  • Do NOT ignore Customs Laws and Foreign Trade Policy 
See how CA Praveen Jain and CA Lijil Lakshman teach this paper Indirect Tax Laws and PracticeSign up to get a free trial!