SECTION B: GOODS AND SERVICES TAX (GST) (50 MARKS)
Objective
a. To develop an understanding of the provisions of goods and services tax law.
b. To acquire the ability to apply such provisions to address/ solve issues in moderately complex scenarios.
Contents
1. GST Laws: An introduction including Constitutional aspects.
2. Levy and collection of CGST and IGST:
Application of CGST/IGST law
Concept of supply including composite and mixed supplies
Charge of tax including reverse charge
Exemption from tax
Composition levy
Basic concepts of:
Classification
Place of supply
Time of supply
Value of supply
Input tax credit
4. Computation of GST liability.
5. Registration.
6. Tax invoice; Credit and Debit Notes; Electronic waybill.
7. Accounts and Records.
8. Returns.
9. Payment of tax.
Note: If any new legislations) is enacted in place of an existing legislation(s), the syllabus will accordingly include the corresponding provisions of such new legislation(s) in place of the existing legislation(s) with effect from the date to be notified by the Institute. Similarly, if any existing legislation ceases to have effect, the syllabus will accordingly exclude such legislation with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State GST Law.
Consequential/ corresponding amendments made in the provisions of the Goods and Services Tax laws covered in the syllabus of this paper which arise out of the amendments made in the provisions not covered in the syllabus will not form part of the syllabus. Further, the specific inclusion(s)/ exclusion(s) in the various topics covered in the syllabus will be affected every year by way of Study Guidelines. The specific inclusion(s)/ exclusion(s)may also arise due to additions/ deletions every year by the annual Finance Act.
