Announcement for
Intermediate (Integrated Professional Course) applicable from May, 2013
Examination onwards
Paper 4:
Taxation (Part II: Service Tax and VAT)
Service tax law,
as contained in the Finance Act, 1994, as amended by the Finance Act, 2012 is relevant
for May and November, 2013 examinations. The Finance Act, 2012 has introduced
the concept of negative list in the service tax law whereby all services are
liable to service tax except those covered under the negative list and the
exempted services. In other words, under the present law, the services which
would not be taxable have been specified as against the earlier law where the
individual taxable services were specified. Consequently, the practice of
notifying certain taxable services for Examination purposes (earlier eight
taxable services were so notified) would no longer be relevant.
In view of these
changes, Examination Committee at its 498th meeting held on September 23, 2012
has decided the sections of the Finance Act, 1994/rules to be covered under
point no. 1 (Concepts and General principles) and point no. 2 (Charge of
service tax and taxable services) of syllabus of Part II: Service tax & VAT
in Paper 4: Taxation from May 2013 examination onwards (please refer to the announcement
below).
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APPLICABILITY/NON-APPLICABILITY
OF NEGATIVE LIST AND RELATED TOPICS IN SYLLABUS OF PART II: SERVICE TAX AND
VAT OF PAPER 4: TAXATION (IPCC) FROM MAY 2013 EXAMINATION ONWARDS
The
Examination Committee at its 498th meeting held on September 23, 2012 has decided
that the following sections of the Finance Act, 1994/rules will be covered
under point no. 1 (Concepts and General principles) and point no. 2 (Charge
of service tax and taxable services) of syllabus of Part II:
Service tax
& VAT in Paper 4: Taxation from May 2013 examination onwards:
(i) Section 64
- Extent, commencement and application
(ii) Sections
65B – Interpretations [only relevant ones which would be required to explain
the concepts included]
(iii) Section
66B – Charge of service tax on and after Finance Act, 2012
(iv) Section
66D - Negative list of services
(v) Section
66F – Principles of interpretation of specified descriptions of services or
bundled services.
(vi) Section
67A - Date of determination of rate of tax, value of taxable service and rate
of exchange
(vii) Point of
Taxation Rules, 2011
It may be
noted that the above-stated Sr. No.(i) - Section 64 and Sr. No.(vii) - Point
of Taxation Rules, 2011 have already been covered in the existing syllabus so
far. Thus, only Sr. Nos.(ii) to (vi) have been included as new topics in the
syllabus under point no.1 (Concepts and General principles) and point no.2 (Charge
of service tax and Taxable services).
The Committee
further decided that the following topics pertaining to service tax law will
not be included in the syllabus:
(i) Section
66C - Determination of place of provision of service
(ii) Section
66E – Declared services
(iii) Place of
Provision of Service Rules, 2012
(iv) Section
68(2) and Reverse Charge notification
(v) Export of
Services vide rule 6A of the Service Tax Rules, 1994
(vi) Mega
exemption notification and other exemptions
(vii)
Abatement notification
In furtherance
to the above-mentioned decision, it is clarified that other topics viz.,
valuation of taxable service, payment of service tax and filing of returns,
topics related to VAT etc. as covered in the Study Material will continue to
apply as they used to apply before.
In view of the
far-reaching changes effected with the introduction of negative list approach
of taxation in service tax, Study Material and Practice Manual of Part-II:
Service tax & VAT of Paper 4: Taxation (contained in Volume III) [November
edition] have been completely revamped. Students may note that the
revised Study Material and Practice Manual have been prepared in accordance
with the abovementioned decision of the Examination Committee.
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