Paper 11 :
About Indirect Taxation
Taxation is the system by which a government finances its expenditure by charging compulsory levies on individuals or business entities. These compulsory levies are known as Taxes. Indirect Taxes are taxes levied on goods and services rather than profits or losses. They are collected by an intermediary rather than directly from the person.
In order to make effective business decisions as a CMA, you need to understand the impact of indirect taxes.You need to be able to compute the assessable value of transactions under GST.Understand the procedure and framework of statues related to indirect taxation.
The topics covered in Indirect Taxation at the CMA Intermediate level
- Canons of Taxation (GST)
- Customs Laws
The best approach to study Indirect Taxation
- 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