CA Final New Course Details | CA Test Series
CA Final New Course Details | CA Test Series

CA Final New Course Details | CA Test Series

CA Final details consist of the assessment of professional skills that is the theoretical education along with the complementary practical training in the said stage, its eligibility criteria, duration of the course, its admission procedure, the subjects & syllabus and its examination pattern. A student who is required to know the details can access the same at the institute site i.e. www.icai.org

CA Final course is the Last stage of the Chartered Accountancy course and is based on:
 Evaluation and synthesis
 Analysis & application
 Comprehension & knowledge


A student can enter into the CA Final course after clearing both the groups of CA Intermediate Exam of ICAI and is allowed to appear in CA Final Examination after completing 4 Weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during last six months of practical training.

The duration of CA Final course


CA Final duration includes the both preparation of theoretical education after passing the intermediate exam and practical training of 3years which student may commence either passing a single group or both the group of intermediate stage. However a student is allowed to appear in the final examination during the last six months of his training.


The validity of final Course registration is for 5 years and it can be revalidated any number of times for other 5 years by paying a fees of Rs. 500/- or as amended from time to time by the Council of ICAI.


The details and process of Registration


A student can process for CA Final registration after passing the CA intermediate stage by filling CA Final application form that is available in “Course Registration Forms” under “Students tab” on ICAI website (www.icai.org). There are certain points that a student should take care of with regard to payment of online fees through payment gateway. The system will automatically generate the form on successful payment that needs to be printed.


A student is then required to submit the following documents within seven days of online registration to concerned Regional Office:
 Dully signed print out of the online registration form
 Proof of Nationality, if case of foreigner student (Attested)

 Proof of caste certificate i.e SC/ST, OBC, Differently abled (Attested)


A student can take CA Final admission through availing the e- Service facility of the Institute by creating his own account, filling up the necessary details and on payment of the requisite fees.


The study material is dispatched to the students after completion of the registration process, through Centralized Dispatch System (CDS). However the students can also have the CA Final books that are available at the ICAI website under “BoS Knowledge Portal” and can be downloaded from there. The study materials are updated as per the syllabus of the every stage.


The fees for CA Final registration

The students are required to pay CA Final fees for getting them registered at the Final stage of Chartered Accountancy course without article as per the followings:

Registration Fees Rs 22000.00 

Objective of CA Final syllabus


The CA Final syllabus has been designed to acquire the ability to solve problems in practical aspects relating to accounting standards, financial management, auditing, company law, securities law, tax law and develop the skills in preparation of financial statements, audit engagements, analysis & evaluation in cost management.

The updated syllabus can be accessed at-

https://resource.cdn.icai.org/45573bos35679-final.pdf


The CA Final subjects are compiled into two groups and a student can appear in the examination either group-wise or can opt for both the groups together. Each subjects carrying 100 marks each and some of the subjects are further divided into different sections. Hence the subjects are categorized in CA Final module i.e Module I and Module IIand consist of four subjects in each module including an elective paper that is as under:

Group I

1: Financial Reporting
2: Strategic Financial Management
3: Advanced Auditing and Professional Ethics
4: Corporate and Economic Laws

Part I: Corporate Laws

Part II: Economic Laws

Group II

5: Strategic Cost Management and Performance Evaluation
6: Elective Paper
i. Risk Management
ii. Financial Services & Capital Markets
iii. International Taxation
iv. Economic Laws
v. Global Financial Reporting Standards
vi. Multi-disciplinary Case Study
7: Direct Tax Laws & International Taxation

Part I: Direct Tax Laws
Part II: International Taxation
8: Indirect Tax Laws
Part I: Goods and Service Tax
Part II: Customs & FTP

CA Final examinations

Before going for submission of online exam forms a student is required to register himself at https://icaiexam.icai.org for filling up CA Final exam form 2020and is required to pay the examination fees as applicable for appearing in single or both modules. The student can also look into the guidance note issued by ICAI related to the examinations at  icaiexam.icai.org The announcement with related to CA Final result is made by the institute over the website and the students can check their results at the https://icaiexam.icai.org/icai_results/index.php


Summary: CA Final being the last stage of Chartered accountancy course is complimented with both theoretical and practical education. It can be pursued by a CA intermediate pass student and has no exemption criteria with regard to the eligibility for its admission. To acquire specialization, ICAI has come up with new syllabus by introducing an elective subject in the Final course. With completion of this final stage a student can apply for the membership of ICAI and become a proud member of the institute.

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ICAI CA Intermediate  Details | ca test series
ICAI CA Intermediate Details | ca test series

KNOW ALL ABOUT CA INTERMIDIATE

CA Intermediate details include defining the assessment of professional skills in the said stage, its eligibility criteria, duration of the course, its admission procedure, the subjects & syllabus, the exemptions to the stage and its examination pattern. A student is required to know the details that can be accessed at the institute site i.e.
https://www.icai.org/post.html?post_id=3924


CA Intermediate course being the First Stage of Theoretical Education of the Chartered Accountancy course is based on the analysis & application along with comprehension & knowledge and its curriculum is designed based on the working knowledge of core and allied subjects to accountancy profession. Entry to the Intermediate level is through:

The foundation stage

OR

After passing Intermediate level examination of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India or

OR

After Graduation/ Post Graduation in Commerce securing in aggregate a minimum of 55% of the total marks or its equivalent grade in the examination conducted by any recognized University

The duration of CA intermediate course
CA Intermediate duration basically includes eight months study course that is required to undergo by the students before they are appearing for the first time in the Intermediate Examination along with waiting period of the result that may be about two months. However it also depends upon the student’s preference of giving examination with respect to single group or both groups at a single attempt.

Intermediate Course registration has a validity of 4 years and can be revalidated any number of times for further 4 years period by paying revalidation fee of Rs. 400/- or as decided by the Council from time to time.

The details and process of Registration

The process of CA Intermediate registration is done with two routes i.e. with Foundation and the other with direct route by filling the CA intermediate application form that is available under student section mentioning “Course Registration Forms” at the institute website www.icai.org. A student can also fill the application form through e- Service facility of the Institute. The detailed procedure can be accessed as per the user manual available at
https://resource.cdn.icai.org/55895sspfaq-intercptfndpass.pdf. A candidate can take CA Intermediate admission either through the foundation stage or through direct mode if he/she has passed the Intermediate level examination of ICSI/ICWAI or is a Graduate/ Post Graduate in Commerce. The registration can be done at the institute website through following steps :-

The students are required to register themselves if they are new to the course at https://cdn3.digialm.com/EForms/configuredHtml/1666/57499/login.html and then they can proceed for registration. Students are required to take care that form should be completely filled and only after successful payment through payment gateway, a form shall be automatically generated which is required to be printed. A student who gets registration is also required to submit the following documents to concerned Regional Office within 7 days of the date of online registration along with the print out of the signed online registration form by the student

 Copy of mark sheet of Class 12th or its equivalent Central Government recognized examination pass marks statement (Attested) for Foundation Route students
 Copy of Graduation/ Post Graduation mark statements/mark sheet of Intermediate level examination of the Institute of Company Secretaries of India or the Institute of Cost Accountants of India (Attested) for Direct Entry Route students
 One recent color photograph (affixed on the printout of the online successful registration form)
 Copy of proof of Nationality (Attested) for foreign students
 Copy of proof of special category certificate,i.e, SC/ST, OBC, Differently abled. (Attested)


The study material or the books will be sent to the students through Centralized Dispatch System (CDS) after successful registration. The students can also have the CA Intermediate books that are available at the ICAI website under “BoS Knowledge Portal” and can be downloaded from there. The study materials are updated as per the syllabus of the every stage.


The fees for CA intermediate registration

The students are required to pay CA intermediate fees for getting them registered at the intermediate stage of Chartered Accountancy course as per the followings:

Registration / Options Both Groups Both Groups Group I/II Group I /II
Various Charges Rs $ Rs $
Registration Fees 15000   11000  
Student's Activity Fees 2000   2000  
Registration fees as article assistant 1000      
Total 18000 1000 13000 600


The students who are taking registration through direct mode are required to pay Rs. 200/- as cost of prospectus in addition to this fees.

Objective of CA Intermediate syllabus

The CA Intermediate syllabus has been designed to acquire the ability to apply specific accounting standard and legislation in preparation of financial statement of various entities, to develop understanding of company law, tax law, technology enabled information system, financial management and to know the basic concepts and application of costs, audit &amp assurance.


However the institute keeps on updating the syllabus and it has issued the updated syllabus from May, 2020 examination that can be accessed at https://resource.cdn.icai.org/56780bos46049.pdf. The CA Intermediate subjects are compiled into two groups and a student can pursue both the groups and appear in the examination either group-wise or can opt for both the groups together. Each subjects carrying 100 marks each and some of the subjects are further divided into different sections. Hence the subjects are categorized in CA Intermediate
module i.e Module I and Module II and consist of four subjects in each module that are as under:

Group I
Paper-1: Accounting
Paper-2: Corporate and Other Laws (Part I: Company Law, Part II: Other Laws)
Paper-3: Cost and Management Accounting
Paper-4: Taxation (Section A: Income-Tax Law, Section B: Indirect Taxes)
Group II
Paper-5: Advanced Accounting
Paper-6: Auditing and Assurance
Paper-7: Enterprise Information Systems & Strategic Management (Section A: Enterprise Information Systems, Section B: Strategic Management

Paper-8: Financial Management & Economics for Finance (Section A: Financial Management, Section B: Economics for Finance

CA Intermediate examinations
CA Intermediate Examinations are conducted twice a year in the months of May and November and the information about the same is announcement on the Institute’s website www.icai.org. A student is required to register himself at https://icaiexam.icai.org for filling up CA Intermediate exam form 2020 and is required to pay the examination fees as applicable for appearing in single or both modules. It is also advised to save a copy of the
filled application form for further reference. The announcement with related to CA Intermediate result is made by the institute over the website and the students can check their results at the https://icaiexam.icai.org/icai_results/index.php.

Summary: CA Intermediate is the second step in the chartered accountancy course which can be pursued by those who have qualified the CA foundation or ICSI/ICWAI intermediate pass or graduate in commerce with 55% marks. It has total of eight subjects that are divided into two groups i.e each group contains four papers. A student can commence the practical training of three years after passing any of the group or both of them. After qualifying the
CA intermediate and its practical training can move to the final stage of the CA course.

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CA Foundation Course Details | ca test series
CA Foundation Course Details | ca test series

CA Foundation Course Details | ca test series

About the first step in Chartered accountancy Course- the Foundation Stage CA foundation details cover the concept behind introduction of the stage, its eligibility criteria, duration of the course, its admission procedure, the subjects & syllabus, the exemptions to the stage, the examination pattern and lastly its passing criteria. A student is required to know the details if he/she wishes to get registered for the course which can be accessed at the institute
site i.e. www.icai.org.


CA foundation course is the first stage of Chartered Accountancy Course and also one of the entry modes of the CA Course that gives an opportunity to every candidate to wish to make their career as a Chartered accountant. A candidate who wish to pursue this course is require to register with the Institute of Chartered Accountants of India after passing (10+2) examinations conducted by an examining body constituted by law in India or an examination
recognized by the Central Government as equivalent thereto. The CA foundation duration consist of four month study period after registration and two months of waiting period of declaration of the CA foundation results.

The validity of the foundation Course registration is 3 years and the same can be revalidated any number of times for additional 3 years period by paying Rs. 300/- as revalidation fee or as may be decided by the Council from time to time.


Objective of CA foundation syllabus

The CA foundation syllabus has been designed to develop an understanding of the basic concepts & principles of Accounting, basic mathematical & statistical tools, developing logical reasoning skills along with having knowledge of common business and commercial concepts. It also includes acquiring knowledge of various provisions of selected business laws, developing good communication skills and acquiring the ability to apply the same in preparing financial statements, simple problem solving, reporting and other practical areas.

The details and process of Registration
The process of CA foundation registration is initiated for a student who has appeared in theClass 12 examinations, however a student who has been registered may appear in FoundationExamination after he/ she has cleared the Senior Secondary Examination (10+2 examination).A study period of minimum four months from the date of registration is essential to befollowed by the students in order to be eligible to appear in the Foundation Examination. Itclarifies that students registered on or before 30th June/ 31st December will be eligible to appear in November/ May examination.

The procedure
A candidate can take CA foundation admission by filling online ca foundation application form that is available at the ICAI site at (www.icai.org) under student section and while registration it is necessary to note that the requisite fees shall be paid successfully using payment gateway, which will then generate the form that need to printed by the student.


The signed print out of the registration form filled online is required to be submitted to the concerned Regional Office within seven days from the date of online registration along with the following documents:


 Admit Card in case of appearing/ Mark sheet in case of passed Class 12 examination issued by the respective Board. (attested)
 One recent color photograph that needs to be affixed on the printout of the online successful registration form
 Proof of Nationality, if student is a foreigner. (attested)
 Proof of special category certificate i.e SC/ST, OBC, Differently abled. (attested)
 Copy of the 10th Mark sheet/ Admit Card of 10th class indicating the Name & Date of Birth. (attested)

On successful completion of the registration process, the ca foundation books or the study material will be sent to the student through centralized dispatch system at the registered address of the student.

The fees for CA foundation registration

The students are required to pay CA foundation fees for getting themselves registered at the first stage of Chartered Accountancy course as per the followings:

Details Rs For Foreign Student US$
Cost of Foundation Prospectus 200 20
Foundation Registration Fee  9000  700
Subscription for Student's Journal (For one Year) (Optional)  200 20
Subscription for Members' Journal (For one Year) (Optional) 400 40
Total 9800 780

 
Subjects Covered
Since the foundation stage depict about the application comprehension & knowledge of the candidate. The first stage of CA course i.e the foundation has 4 papers as in CA foundation subjects which consist of the followings:

Paper-I: principles and practice of accounting
Paper-II: business laws and business correspondence and reporting
Paper-III: business mathematics, logical reasoning and statistics
Paper-IV: business economics and business and commercial knowledge


It clarifies that ca foundation module comprises of four papers, among which two are subjective and two are objective type. However with regard to examination paper checking patterns negative marking for choosing wrong options is there in objective papers.

CA Foundation Examinations

Foundation Examinations are conducted twice a year in the months of May and November and the information about the same is announcement on the Institute’s website www.icai.org/Newspapers. After successful registration for Foundation Course during this year, students are also required to fill in separate CA foundation exam form 2020 for appearing in Foundation Examination at the examination portal of the institute- https://icaiexam.icai.org


The ca foundation result date announcements are made by the institute over the website and the students can view their results at the https://icaiexam.icai.org/ by clicking on the result section. 

Summary: It is said that Foundation is the base of a building, so the same is followed with every professional course. CA Foundation stage is the first stage of assessment of professional skills through knowledge and comprehension. It can be commenced with qualifying the 10+2 examinations, getting enrolled with the institute with payment of requisite fees and undergoing 4 months of study. A success in Foundation examination shall take a student to the
Intermediate level and yes closer to a qualified chartered accountant.

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CA - Chartered Accountant
CA - Chartered Accountant

CA - Chartered Accountant  

The Profession - An introduction
With a vision to become world’s leading accounting body and developer of trusted and independent professional having competencies in accounting, taxation, finance, assurance and business advisory service, the Chartered Accountancy profession has achieved rapid growth by virtue of quality professional services being rendered by its members.

It is regulated by the Institute of Chartered Accountants of India (ICAI) that functions under the administrative control of the Ministry of Corporate Affairs, Government of India.

Chartered accountancy course

Students are enrolled by the Institute for the Chartered Accountancy Course that imparts:
 Theoretical education
 And monitors practical training

These are undergone as per the requirements of the Chartered Accountants Regulations, 1988. The course has been designed in such an assessment pattern that it tests the:

 Sufficiency of technical competence
 Professional skills and professional values
 Ethics and attitudes acquired during practical training.

Career opportunities


Chartered Accountancy profession has been playing a prominent role in our economy and society. By the government and the society, members have been entrusted with great responsibilities and their specialized knowledge and skills are being utilized in various fields of activities. Their audit and certification have got statutory recognition. Chartered
accountants perform following roles and functions:


 Auditor
 Share Valuer
 Financial analyzer and reporting
 Company liquidator
 Corporate Financing
 Management, Tax and GST Advisor

Stages of course

Foundation :- (Application Comprehension & Knowledge )
2. Intermediate :- (Analysis & application , Comprehension & knowledge )
3. Final :- (Evaluation & Synthesis , Analysis & application , Comprehension & Knowledge)

Entry Modes to the cours

  1. Foundation
  2. Direct Entry

Foundation Mode
i. Enrollment for foundation after appearing 12 th class examination
ii. Registration till 30th June/ 31st December for eligibility to appear in November/ May Foundation Course Examination respectively.
iii. Appearing in Foundation Examination after passing 12 th class Examination
iv. Joining Intermediate Course after passing Foundation Examination.
v. Undergoing compulsorily Four Weeks Integrated Course on Information Technology and Soft skills (ICITSS) before commencement of articleship.
vi. Completion of eight months study for appearing in Intermediate examination.
vii. After passing of a single group or both groups of intermediate course & completion of ICITSS training a candidate may join article training.
viii. Passing out of rest group (if any)
ix. Final course Registration
x. Undergoing four weeks AICITSS training based on IT & soft skills during the last two years of practical training, before appearing to final examination.
xi. Appearing in final examination
xii. Completing 3 years article training
xiii. Passing the Final examination and getting enrolled as member of ICAI

Direct Entry Mode


Direct entry mode option is available to following categories:
I. Commerce Graduates/Post-Graduates (55%) or Other Graduates/Post-Graduates(60%)
II. Candidates who have passed Intermediate level examination of Institute of Company Secretaries of India or Institute of Cost Accountants of India The candidates made entry though this route is required to enroll for Intermediate Course and undergo same steps for becoming a member of the institute.
Registration fees


 Foundation course: Rs. 9800.00
 Intermediate course: Rs. 18000.00 for both Groups, Rs. 13000.00 for Group I or II


Students can enroll themselves online at the website of the institute at www.icai.org. It has also five Regional Councils located in Mumbai, Chennai, Kolkata, Kanpur and New Delhi and 163 Branches spread all over the country to assist students and members.

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Exemption from GST - Construction Service | GST
Exemption from GST - Construction Service | GST

Exemption from GST - Construction Service

Following is Exempt

Construction & related services by way of Pure Labour Contracts of Civil structure or any other original works under Housing for All (Urban) Mission /Pradhan Mantri Awas Yojana.

Construction & related services by way of Pure labour contracts of original works pertaining to ‘Single Residential unit’ (otherwise than as a part of a Residential complex).

Construction & related services supplied by Electricity Distribution Utilities for extending electricity distribution network upto tubewell of farmer or agriculturalist.

Supply of TDR, FSI, lease of land by landowner to developer if Constructed flats are sold before earlier of

(i) Issuance of completion certificate or

(ii) 1st occupation of project

MCQ OF THE DAY

constructed flats sold after issuance of completion certificate is?

(a) LIABLE TO GST

(b) NOT LIABLE TO GST

(c) NOT A SUPPLY

(d) NONE OF THE ABOVE

Answer - B

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Exemption from GST in Transportation of Goods | CA Test Series
Exemption from GST in Transportation of Goods | CA Test Series

Exemption from GST in Transportation of Goods | CA Test Series

Transportation of goods by: Road (Except GTA & Courier agency) & Inland waterways

Transportation by Rail or Vessel of the following goods:

  • Relief materials; Defence/Military equipments; Registered newspaper or magazines
  • Agricultural produce; Organic manure.
  • Milk, salt & food grain, flours, pulses & rice; Railway equipments/materials.

Services provided by GTA by way of transport of

  • Relief materials; Defence/Military equipments; Registered newspaper or magazines
  • Agricultural produce; Organic manure.
  • Milk, Salt & food grain including flours, pulses & rice;
  • Goods [If consideration from a single consignee for all such goods ≤ Rs. 750]
  • Goods [If consideration charged on consignment in single carriage ≤ Rs. 1,500]

 

  • Services provided by GTA to unregistered person + unregistered CTP other than:

          Factory; Society; Co-operative society; Body corporate; Firm (+ AOP/BOI); Reg. CTP 

          Crux: GTA services provided to only unregistered individual end consumer → Exempt.

Transportation of Goods services by GTA to Department or Establishment of CG/SG/UT; LA; Governmental Agencies which has taken GST registration only for deducting tax u/s 51 & not for making a taxable supply of G&/S.

MCQ Of the day:-

MR. A Supplied  5 Consignments costing 1000 through GTA. The Following service is ?

(a) Liable to GST

(b) Not liable to GST

(c) Not a supply

(d) None 

Answer - A

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Exemption from GST - Construction Service
Exemption from GST - Construction Service

Exemption from GST - Construction Service

Following is Exempt

Transport of passengers

    • By Air [Starting or ending on airport in Arunachal Pradesh, Assam, Manipur,

Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Bagdogra in West Bengal]

    • by Non-AC contract carriage [Except Tourism, tour, charter, hire or radio taxi]
    • by Non-AC Stage carriage
  • Transportation of passengers by

    (a) Railway (other than 1st class; or AC coach); Metro, monorail or tramway;

    (b) Inland waterways;

    (c) Public transport in vessel b/w places in India (other than for tourism purpose)

    (d) Metered cabs or Auto rickshaws (including e-rickshaws power ≤ 4,000W).

    Note: Transportation in normal public ships or other vessels that sail b/w places

    located in India would be exempt even if tourists are using the service.

Service provided to CG by way of Transportation of passengers by Air starting or ending at Regional Connectivity Scheme airport against consideration in form of viability gap funding.

Note: Nothing contained in this entry shall apply after expiry of 3 years from date of

commencement of operations of RCS airport as notified by Ministry of Civil Aviation.

MCQ OF THE DAY

BOARDING A FLIGHT FROM SIKKIM IS?

(a) Not a Supply

(b) Exempt from GST

(c) Taxable Supply

(d) None of the above

Answer- B

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EXEMPTION UNDER GST  -  SERVICES BY GOVERNMENT | CA Test Series
EXEMPTION UNDER GST -  SERVICES BY GOVERNMENT | CA Test Series

EXEMPTION UNDER GST  -  SERVICES BY GOVERNMENT

FOLLOWING SERVICES ARE EXEMPT

(a) Services by Department of Posts → Speed post, Express parcel post, Life insurance

& Agency services [Collection of bills etc.] to any person other than CG/SG/UT.

(b) Aircraft/vessel, inside or otside the precincts of port or airport;

(c) Transport of Goods or Passengers;

(d) Any service other than (a), (b) & (c) provided to Business Entities.

Services by CG/SG/UT/ if consideration ≤ Rs. 5,000 [Except for (a), (b) & (c)]

Services provided by CG/SG/UT/LA by way of:

    • Registration required under any law for the time being in force;
    • Testing, safety check/certification related to safety of worker, fire license etc.
    • Issuance of passport, visa, driving license, birth certificate or death certificate.
    • Tolerating non-performance of contract for which consideration in form of fines or liquidated damages is payable to CG, SG, UT, LA under such contract.
    • Assignment of right to use natural resources to farmer for cultivation & rearing of animal
    • Services by CG, SG, UT by deputing officers after office hours/holidays for inspection or container stuffing for import export cargo on payment of Merchant OT charges.
    • Services by SG to Excess Royalty Collection Contractor (ERCC) by way of assigning right to collect royalty on behalf of SG on mineral dispatched by mining leaseholders.
    • If GST paid by mining leaseholder < GST exempted, Exemption = GST paid by leaseholders.
    • ERCC shall pay difference b/w GST exempted on service provided by SG to ERCC ofassignment of right to collect royalty & GST paid by mining leaseholders on royalty.

MCQ Of the day

Issuance of birth certificate by Government is?

(a) EXEMPT SUPPLY

(b) TAXABLE SUPPLY

(c) TAXABLE AFTER RS. 5000

(d) None

Answer - A

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EXEMPTION UNDER GST  - EDUCATION RELATED SERVICES
EXEMPTION UNDER GST - EDUCATION RELATED SERVICES

EXEMPTION UNDER GST  - EDUCATION RELATED SERVICES

FOLLOWING SERVICES ARE EXEMPT

 

  • Services provided by Educational institution to its students, faculty & Staff
  • Services provided by Educational institution of conduct of Entrance Exam against fee
  • Services provided TO educational institution by way of Transportation of students, faculty & staff [Exempt to Schools upto HSC]

  • Catering + Any mid-day meals sponsored by Gov. [Exempt to Schools upto HSC]

  • Security/cleaning/house-keeping services [Exempt to Schools upto HSC]

  • Services relating to conduct of exam [Exempt to ALL]

  • Supply of online Educational Journals or Periodicals [Exempt to Colleges]

SPECIAL POINTS

  • Boarding School [Education + Residence + Food] - NO GST on entire composite supply.
  • Hobby classes or Extra-curricular activities → Composite supply & thus No GST
  • Services by Government ITIs to trainees/ students -Liable to GST
  • Conduct of entrance examination by private ITIs for designated trades - No GST
  • Mess run by educational institution/students - It is exempt from GST
  • Mess is outsourced to 3rd Person - Liable to GST
  • Catering services given to Edu. institution - Exempt if given to school upto HSC

MCQ Of the day:-

Catering services provided to Eductaional istitution is -

(a)  EXEMPT UPTO HIGHER SECONDARY

(b) EXEMPT UPTO COLLEGE

(c) TAXABLE SUPPLY

(d) NONE OF THE ABOVE

Answer - A

 

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EXEMPTION UNDER GST (HEALTH CARE SERVICES) | GST
EXEMPTION UNDER GST (HEALTH CARE SERVICES) | GST

FOLLOWING SERVICES ARE EXEMPT

  • Services by a Veterinary Clinic in relation to health care of animals or birds.
  • Health care services by Clinical Establishment, Authorised Medical Practitioner or Paramedics.
  • Transportation of a patient in Private Ambulance.
  • Services by Cord Blood Banks by way of Preservation of Stem Cells or related services.
  • Services by operators of common bio-medical waste treatment to clinical establishment.
  • Services of public conveniences [Facilities of washrooms, lavatories, urinal or toilets]
  • Services by recognised rehabilitation professionals at medical establishments, educational institutions, rehabilitation centers established by CG/SG/UT/Reg. charitable trust.

SPECIAL POINTS UNDER HEALTH SERVICES

Food supplied to patients is a composite supply - Not liable to GST.

Food supplied to any other person - Liable to GST.

Rent of rooms provided to patients in hospitals - Not liable to GST.

Renting of shops, Advertisements in hospitals - Liable to GST.

MCQ Of the day

Food supplied to patients as a composite supply with health service is?

(a) TAXABLE SUPPLY

(b) EXEMPT SUPPLY

(c) NOT A SUPPLY

(d) NONE OF THE ABOVE

Answer - B

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EXEMPTION UNDER GST - AGRICULTURE SERVICES
EXEMPTION UNDER GST - AGRICULTURE SERVICES

EXEMPTION UNDER GST - AGRICULTURE SERVICES

Services relating to cultivation of plants & rearing of all life forms of animals (except horses)

for food, fibre, fuel, raw material or other similar products/agricultural produce by way of:

(a) Agricultural operations related to production of any agricultural produce including testing;

(b) Supply of Farm Labour;

(c) Processes carried at agricultural farm which do not alter essential characteristics of

agricultural produce but only make it marketable for primary market;

Ex: Cutting, harvesting, drying, cleaning, fumigating, sorting, grading, cooling, bulk packaging

(d) Renting/leasing of agro machinery or vacant land for agriculture or related activities;

(e) Loading, unloading, packing, storage or warehousing of Agricultural Produce;

(f) Agricultural Extension Services [Application of scientific research & knowledge to

agriculture]

(g) Services by any APMC or Board related to selling/marketing of agricultural produce.

(h) Services provided by Commission Agent for Sale /Purchase of Agricultural Produce.

 

  • Loading, unloading, packing storage or warehousing of Rice
  • Warehousing of minor Forest Produce.
  • Fumigation in a warehouse of agricultural produce.
  • Pre-conditioning, pre-cooling, ripening, waxing, retail packing, labelling of fruits & vegetables which do not alter essential characteristics.
  • Services by National Centre for Cold Chain Development of cold chain knowledge dissemination.
  • Carrying out Intermediate Production Process as Job Work for Cultivation of

    Plant & Rearing of all forms of Animals for food, fibre, fuel or agro Produce.

Storage/warehousing of cereals, pulses, nuts, fruits & vegetables, spices, copra, sugarcane, jaggery, raw vegetable fibres (Ex: Cotton, flax, jute, indigo, unmanufactured tobacco, betel leaves, tendu leaves, coffee & tea)

 

Question - Services by way of Loading and Unloading of Rice is?

(a) TAXABLE SUPPLY

(b) EXEMPT SUPPLY

(c) NOT A SUPPLY

(d) NONE OF THE ABOVE

Answer - B (Exempt Supply)

 

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Exemption from GST - Charitable Activities | CA Test Series
Exemption from GST - Charitable Activities | CA Test Series

PUBLIC HEALTH by way of:

  • Care or counselling of: terminally ill/disabled persons; HIV/AIDS Persons; Addicted person;
  • Public awareness of preventive health, family planning, prevention of HIV

Advancement of Religion, spirituality or Yoga other than -

  • Primarily providing accommodation or food & drinks for consideration including donation
  • Holding of fitness camps or classes in aerobics, dance, music etc. 

Advancement of Educational/skill development Program related to -

  •  Abandoned, orphaned or homeless children; Persons over 65 years of age in rural area;
  • Physically or mentally abused & traumatized persons; Prisoners

Preservation of Environment including watershed, forests & wildlife

MCQ Of the Day:

HOLDING OF DANCE AND MUSIC CLASSES IS?

(a) Not a Supply 

(b) Exempt from GST

(c) Taxable Supply

(d) None Of the above

Answer - C

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EXTRA TOPICS ON COMPOSITION SCHEME | GST | CA Test Series
EXTRA TOPICS ON COMPOSITION SCHEME | GST | CA Test Series

EXTRA TOPICS ON COMPOSITION SCHEME | GST | CA Test Series

CONDITIONS & RESTRICTIONS

    • Goods held in stock have not been purchased from unregistered supplier.
    • he pays the tax on RCM basis u/s 9(3)/9(4) (RCM) on Inward supply (in addition to composition tax)
    • Mention words ‘composition taxable person, not eligible to collect tax on supplies’ at top of bill of supply issued by him;
    • Mention words ‘composition taxable person’ on every notice or signboard displayed at prominent place at his PPoB & at ever APoB.

INTIMATION OF OPTING FOR COMPOSITION LEVY

NEW REGISTRATION

    • Option is given in Part B of registration form, viz., FORM GST REG-01.
    • Effective date of composition levy = Effective date of registration

EXISTING REGISTRATION

    • Electronically on Common Portal prior to commencement of FY for which
    • option is exercised & He will have to furnish statement as per rule 44(4)
    • within 60 days from commencement of relevant FY (Refer ITC Chapter).
    • Effective date of composition levy = From beginning of FY .

Penalty for Irregular Availment of Composition Scheme

    • Person availing composition scheme wrongly, liable to penalty & u/s 73 or 74.
    • PO may issue SCN if he has reasons to believe that RP was ineligible to pay composition tax.
    • Upon receipt of reply from RP, PO shall (within 30 days of receipt of such reply) issue order
    • (i) either accepting reply or (ii) denying option to pay composition tax
    • Effective date of Denial of option to pay composition tax: Date determined by Tax Authority
    • including any retrospective date but not prior to date of contravention of the provisions.
    • Note: Any intimation i.r.o any PoB in a State/UT = Intimation i.r.o all other PoB.

MCQ OF THE DAY

EFFECTIVE DATE FOR REGISTRATION UNDER COMPOSTION SCHEME FOR EXISTING USER IS?

(a) DATE OF REGISTRATION

(b) END OF FINANCIAL YEAR

(c) STARTING OF NEXT

FINANCIAL YEAR

(d) NONE OF THE ABOVE

ANSWER - C

 

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GST Composition Scheme | CA Test Series
GST Composition Scheme | CA Test Series

GST Composition Scheme | CA Test Series

ELLIGIBLITY

  • Registered person, whose AGGREGATE T/O in Last FY ≤ Rs. 1.5 crore.
  • Eligibility Limit for Special Category States is as follows:
LIMIT STATE
75 Lacs Manipur, Meghalaya, Mizoram, Tripura, Arunachal Pradesh, Sikkim, Uttrakhand & Nagaland
1.5 CR Assam, Himachal Pradesh & J&K Other States and UT
   

TAX RATE

CATEGORY OF REGISTERED PERSON RATES
    • Manufacturers [Except manufacturers of Ice cream, Pan masala, tobacco, Aerated Water]
    • Restaurant service [Clause (b) of Para 6 Sc. II]
    • Any other supplier [Traders]

1 % Of total State T/o

5% Of total State T/o

1% Of To Of Taxable Supplies in State/UT

BENEFITS

  • They cannot issue tax invoice; Even they cannot avail ITC.
  • They need to issue Bill of Supply in which no tax can be charged.
  • Yearly filing of Return (GSTR 4) & Quarterly Payment of Tax.

NON ELLIGIBLITY

Person Making Inter-State Supply of goods (not services)

Persons supplying goods through ECO (who are required to collect TCS).

Manufacturer & Supplier of Ice cream, Pan masala, Tobacco, Aerated Water

Supplier of goods which are not taxable under GST

Supplier of goods which are not taxable under GST

Supplier of Services other than restaurant services. [2nd Proviso - Sec 10(1)

 

MCQ OF THE DAY

COMPOSITION RATE APPLICABLE TO MANUFACTURE OF PAN MASALA IS?

(a) 1% OF TURNOVER IN STATE

(b) 2% OF TURNOVER IN STATE

(c) 5% OF TURNOVER IN STATE

(d) 1% OF AGGREGATE TURNOVER

Answer- A

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GST Short Notes - Intra vs Inter State Supply, Levy and Collection, Exempt Supply
GST Short Notes - Intra vs Inter State Supply, Levy and Collection, Exempt Supply

GST - Intra vs Inter State Supply, Levy and Collection, Exempt Supply

INTRA STATE

Location of Supplier and Place of Supply in same State or Union Territory

TAX APPLICABLE

CGST AND SGST / CGST AND UTGST

INTER STATE

Location of Supplier and Place of Supply in Diffrent State or Union Territory

TAX APPLICABLE

IGST

LEVY AND COLLECTION

  • CGST shall be levied on all intra-State supplies of G/&S
  • Except on alcoholic liquor for human consumption,
  • on the value determined u/s 15 &
  • @ rates notified by Gov. on recommendations of GST Council (Max. 20%)
  • No Levy of GST on ‘petroleum products’ till recommended by GST council.

EXEMPT SUPPLY

Supply which attracts

  • Nil rate of tax;
  • Exempt supply u/s 11 &
  • Includes non-taxable supply.

MCQ OF THE DAY

MAXIMUM RATE THAT CAN BE RECOMMENDED BY GST COUNCIL FOR CGST IS?

(a) 10%

(b) 20%

(c) 18%

(d) 12%

Answer- 

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GST Composite  Supply and Mixed Supply | CA Test Series
GST Composite Supply and Mixed Supply | CA Test Series

GST Composite Supply and Mixed Supply | CA Test Series

Composite Supply comprises two or more taxable supplies of Goods or services or any combination thereof which are naturally bundled & supplied in conjunction with each other in

  • ordinary course of business
  • one of which is a principal supply.Tax Treatment -treated as a supply of such principal supply.
  • Rate - Rate applicable to Principal supply will be levied on whole supply.
  • Principal supply: Supply of Goods or services which constitutes predominant element of a composite supply & to which other supply forming part of that composite supply is ancillary.

Mixed Supply comprises two or more individual supplies of Goods and services or any combination thereof, made in conjunction with each other by a taxable

  • person
  • for a single pricewhere such supply does not constitute a composite supply.

Note: Individual supplies are independent of each other & are not naturally bundled.Tax Treatment - treated as supply of that particular supply that attracts Highest Rate of Tax.

MCQ Of the day 

 

Rate Applicable to Composite Supply is ?

(a) Highest rate

(b) Principal Supply

(c) Lowest Rate

(d) None

Answer- Principal Supply

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GST Schedule III | CS Test Series - Knowledge Update
GST Schedule III | CS Test Series - Knowledge Update

GST - SCHEDULE III 

1. Services provided by Employee to Employer in course of his employment

Compensation for Premature Termination - NO GSTNon-Compete Fees: amount paid for not joining a competing business in the course of employment & liable to GST [Service of forbearance to act]. - GST APPLICABLEGift from employer > Rs. 50,000 → GST APPLICABLE

Note: Services provided on contract basis (principal to principal) are not services provided in the course of employment & thus GST will be levied.

2. Services by Court or Tribunal established under any law for the time being in force

 

3. Functions performed by MPs, MLAs, Members of Panchayats/Municipalities/LAs.

 

4. Duties performed by any person who holds any post as per the Constitution.

 

5. Duties performed as a Chairperson /Member/Director in a body established by

CG/SG/LA & who is not deemed as employee before commencement of this clause.

6. Funeral, burial, crematorium or mortuary services + transportation of deceased.

7. Sale of Land; & [subject to para 5(b) of Schedule II] Sale of building.

8. Actionable claims other than lottery, betting & gambling.

9. Services by Panchayat under article 243G or by Municipality under article 243W.

10. Inter-State movement of modes of conveyance b/w distinct person including: Trains, Buses, trucks, tankers, trailers, vessels, containers, aircrafts for

 

(a) carrying goods or passengers or both; or

(b) Repairs & Maintenance, (Except movement is for further supply of same conveyance)

 

Note: No GST on conveyance. GST shall be levied on repair & maintenance charges.

Same Provision apply to: Inter-State movement of Rigs, Tools & Spares etc.

 MCQ OF the day

Gift by employer to employee is taxable if amount is 

(a) >25000

(b) 50000

(c) >50000

(d) >100000

Answer - > 50000

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GST Short Notes - GST Council & GST Common Portal
GST Short Notes - GST Council & GST Common Portal

GST Short Notes - GST Council & GST Common Portal

GST SCHEDULE 2 : GOODS VS SERVICE

-Transfer of Title in goods   (Goods)

-Right to use goods without transfer of title  (Service)

-Lease, tenancy, easement, licence to occupy Land (Service)

-Lease/letting out of building for business -(Service)

-Applied to another person’s goods (Job Work) (Service)

-Permanent Transfer of Business Asset (Goods)

-Temporary Transfer of Business Asset (for private use/other than business use) (with or without consideration) (Service)

 

SPECIFIC GOODS

Business Asset transferred by a person who ceases to be taxable person shall be deemed to be supplied by him, in the course/furtherance of his business,

immediately before he ceases to be a taxable person.

Exception:

(i) Business transferred as going concern

(ii) Business carried by personal representative

SPECIFIC SERVICES

Renting of Immovable Property: commercial complex, precincts of a religious place, property to an educational institution, Permitting use of immovable property for placing vending machines. ServicesConstruction of Building/Complex

Except where entire consideration has been received after

(i) Issuance of Completion Certificate or (ii) its first occupation[Earlier of (i) or (ii)]Temporary transfer or permitting use or enjoyment of IPRDevelopment, designing, programming, upgradation, implementation etc. of IT software.Agreeing to obligation to refrain from an act, or to tolerate an act or situation, or to do an act.Transfer of right to use any goods for any purpose.

  • Composite Supplies: (Goods)

 (a) Works Contract

(b) Restaurant & Catering Services

  • Supply of Goods by AOP/BOI to a Member for consideration (Service)

MCQ Of the day

Transfer of immovable property is?

(a) Supply og Goods

(b) Supply of Service

(c) Not a Supply

(d) None of the above

 

Answer - Not a Supply

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GST Short Notes - GST Council & GST Common Portal
GST Short Notes - GST Council & GST Common Portal

WELCOME TO THE KNOWLEDGE SECTION OF CATESTSERIES.CO

SCHEDULE 1 : PARA 1

Permanent Transfer/Disposal of Business Assets on which ITC is availed

Business assets on which ITC is blocked/eligible but not availed → No Supply.

SCHEDULE 1 : PARA 2

Supply b/w Related Person or Distinct Persons as per sec 25.

 

Supply of Service from Agent to Principal is?

  • Supply must be made in the course of business.
  • Stock transfers or Branch transfers (with different GST registration) = Supply.
  • Gifts by employer to employee in a FY > Rs. 50,000 = Supply

MEANING OF RELATED PERSON

  • Officers/directors of one another’s business
  • Employer & Employee
  • Partner (Legally)
  • Family Members
  • Sole agent/distributor of other
  • Person controls other person
  • 3rd person holds ≥ 25% shares of both person
  • Such person together control 3rd person

SCHEDULE 1 : PARA 3

Supply of Goods by Principal to his Agent or by Agent to his Principal (Not for Services)

SCHEDULE 1 : PARA 4

Import of Service (Not Goods)

From Related PersonsFrom his establishment outside India

In the Course of Furtherence of Business

 

MCQ OF THE DAY

Supply of Service from Agent to Principal is?

(a) Not a supply

(b) is a supply of service

(c) is a supply but exempted by sch 1

(d) none of the above

Answer- Is A Supply of Service.

 

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GST Short Notes | Supply |KNOWLEDGE SECTION CATESTSERIES.CO
GST Short Notes | Supply |KNOWLEDGE SECTION CATESTSERIES.CO

WELCOME TO THE DAILY KNOWLEDGE SECTION OF CATESTSERIES.CO

 

Concept of supply

Defination of supply - Section 7(1)(a)

Supply includes all forms of supply of G/&S such as

Sale, transfer, Barter, exchange, Lease, Rental, License or Disposalmade or agreed to be made for consideration in course or furtherance of business.

 

[Supply in personal capacity → No GST]

Import of service - Section 7(1)(b)

Import of services

+

consideration = Supply

(whether or not in course of business)

 

Defination of Goods

Every kind of ‘Movable Property’ other than ‘Money & Securities’ & includes

‘Actionable Claim’, growing crops, grass & things attached to or forming part of land.

 

Defination of Services.

Means anything other than goods, money & securities; but includes

Activities relating to use/conversion of money by cash or by any other mode,Conversion of Money from one form to another form etc.

for which a separate consideration is charged.

Meaning of Consideration

Includes any payment made/agreed to be made (in money or otherwise) for supply of Goods and services but shall not include any subsidy given by CG/SG

Note: Deposit given for supply of Goods and Services → Considered as payment made for such supply only if supplier applies such deposit as consideration for the said supply.

Note: Refundable deposit is not subject to GST

MCQ OF The Day

Supply Includes -

(a) Sale 

(b) Transfer

(c) Lease

(d) All The Above

Answer- All the above

Know More
GST Short Notes - GST Council & GST Common Portal
GST Short Notes - GST Council & GST Common Portal

WELCOME TO THE DAILY KNOWLEDGE SECTION OF CATESTSERIES.CO

GST Council & GST Common Portal

  • Constitution & Enforcement
  • Functions
  • How Decision is taken
  • GST Common Portal

Constitution & enforcement

 

  • Article 279A empowers President to constitute a joint forum of Centre & States.
  • Provisions relating to GST Council came into force on 12th September, 2016.
  • President constituted GST Council on 15th September, 2016.
  • Chairman of GST Council -- Union Finance Minister.

FUNCTIONS OF GST COUNCIL

Make Recommendation to Union & States like -

  • Taxes, cesses & surcharges which may be subsumed in GST
  • Goods & Services that may be subjected to, or exempted from GST
  • Model GST Laws, Principles of levy, apportionment of GST & the principles that govern the place of supply
  • Threshold limit of turnover below which Goods &Service may be exempted from GST

HOW DECISION IS TAKEN

  • Every decision of GST Council is taken by a majority of not less than ¾th of weighted votes of members present & voting.
  • Vote of Centre has a weightage of 1/3rd of total votes cast
  • Votes of all SGs together has a weightage of 2/3rd of total votes cast, in that meeting

GST COMMON PORTAL

Common GST Electronic Portal (www.gst.gov.in), a website managed by GSTN has been set to establish uniform interface for taxpayer

  • Common & shared IT infrastructure b/w Centre & States.
  • This portal is one single common portal for all GST related services.
  • It acts as a clearing house to verify claims & informs respective governments totransfer funds.
  • A common GST system provides linkage to all State/UT Commercial TaxDepartments, Central Tax authorities, Taxpayers, Banks & other stakeholders.
  • It is accessible over Internet by taxpayers & their CAs/Advocates & over Intranet byTax Officials etc.
  • GSTN provides 3 front end services (i) Registration (ii) Payment; (iii) Return.

 

MCQ

In GST Council vote of Center has a weightage of?

(a) 2/3rd of total voting power

(b) 1/3rd of total voting power

(c) 3/4th of total voting power

(d) 1/4th of total voting power

Answer- 1/3rd of total voting power

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WELCOME TO THE DAILY KNOWLEDGE SECTION OF CATESTSERIES.CO
WELCOME TO THE DAILY KNOWLEDGE SECTION OF CATESTSERIES.CO

WELCOME TO THE DAILY KNOWLEDGE SECTION OF CATESTSERIES.CO

BASIC CONCEPTS OF GST

  • Need for GST in India
  • Benefits of GST
  • Taxes to be subsumed in GST
  • Taxes not to be subsumed in GST
  • Some specific goods

Need for GST in India

  • Double Taxation - Double Taxation of a transaction as both goods & services.
  • Cascading Effect - Cascading of Taxes due to CST and VAT.
  • Set Off - Set off of CENVAT & State VAT against the credit of one another was not possible.
  • Exicise+ VAT - When goods were manufactured & sold, both CENVAT & State-level VAT were levied.

Benefits of GST

  1. Creation of Unified national Market.
  2. Migration of cascading effect.
  3. Eleminating double Taxation
  4. Boosting Make in India Concept

TAXES TO BE SUBSUMED IN GST

Central Taxes

  • Excise Duty
  • Additional Duties of excise
  • Service Tax
  • Sales Tax
  • Central Surcharge & Cess
  • Excise duty on mechanical & Toilet prpration

State Taxes

  • Purchase Tax & Luxury Tax
  • Tax on Adertisement
  • Entry Tax, Octroi & Local Body Tax
  • State VAT
  • Taxes on Betting Gambling and Lottery
  • Entertainment Tax

TAXES not TO BE SUBSUMED 

  • Basic Custom duty
  • Excise duty on Alcahol
  • Excise duty on petroleum products
  • Electricity Duty
  • Stamp Duty & Purchase Tax

MCQ Question-

Which of the following tax is not subsumed in GST ?

(a) Additional duties on Excise

(b) Surcharge & Cess

(c) Entry Tax

(d) Excise duty on Alcahol

Answer- D

 

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