New Syllabus of IDT: Excise- Nov 2014, What to Study

Hi Friends by now you all must be knowing there are certain changes in the syllabus of CA IPCC Group 1 Paper 4 of Taxation.

For the first time in history Excise, Customs, CENVAT Credit rules are added in the IPCC (Inter level)

Central Sales Tax -CST has also been added in the syllabus.

So Lets discuss the content of the syllabus.

We will  discuss the syllabus of Excise. In our next blog we will discuss changes in syllabus of custom.

The Syllabus which has been added in excise can be divided in to following parts

1.      Basics

2.      Collection

3.      Valuation

4.      Small Service Industries Notification

5.      Excise procedures

6.      Classification

In the basics head ICAI has given constitutional validity of excise. Its charging section.

Sources of excise law:

Other important concepts such as goods, exciseable goods, manufacture, manufacturer, movability, marketability.

At IPCC level concepts are kept precise no in depth discussion is done which is very much justified keeping in mind that this is just an introduction phase of excise.

Collection:

Rule 4 & Rule 5 of Central Excise rules (CER) 2002 have been discussed in detail

Valuation:

Under Valuation heading valuation under Section 4A, 3(2), and 4(1)((a) has been discussed. Some special mode of payment such as Rule 15 CER, 2002 & Section 3A of CEA, 1944 has also been discussed.

You can also expect numerical in exam specifically from this topic.

Good news is that valuation rules are kept outside the syllabus. In other words section 4(1)(b) is not required to be done and therefore it is not required to go through the valuation rules.

Small Service Industries (SSI) Notification:

No detail discussion is required only basic are there such as what is condition for taking the benefit of SSI. A small touch has been given on the brand name.

Procedure:

Excise procedures are given in CER, 2002. At IPCC only rules related to Invoice, return and payment of excise have been discussed.

Classification:

Rules of classification have been ignored by ICAI for IPCC. As per our understanding intention is to give basic understanding of arrangement of goods under Central Excite Tariff Act (CETA). Basic knowledge of section, chapters, headings, subheading, item is explained with the help of some example.

Conclusion:

ICAI expects only basic knowledge of excise which can be covered very easily in very short span of time. So need not to worry you can cover your full excise in just one day. Click on the link below to cover your excise in just one day

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