Introduction to CA Final IDT
The Chartered Accountancy (CA) journey in India reaches its pinnacle with the CA Final, the last and most challenging phase. The CA Final Indirect Tax (IDT) exam stands out as a significant hurdle in this prestigious qualification process. Taking place twice a year in May and November, this examination demands meticulous preparation and strategic planning for success.
Syllabus Overview
The CA Final IDT paper, classified into three key sections, plays a pivotal role in shaping a candidate’s success:
Central Excise
- Rules, Circulars, and Notifications related to the Central Excise Act of 1944 and the Central Excise Tariff Act of 1985.
Service Tax
- In-depth exploration of the Service Tax framework.
GST (Goods and Services Tax)
- Detailed coverage of GST, encompassing the levy and collection of CGST and IGST, concept of supply, place of supply, time and value of supply, input tax credit, and more.
Study Material for CA Final IDT
Effective preparation for the CA Final IDT exam begins with the right study material. The Institute of Chartered Accountants of India (ICAI) provides comprehensive study material, covering all essential chapters and units. This official material can be complemented with additional course books and online resources for a holistic understanding.
CA Final IDT Study Material:
- Module-wise breakdown including chapters like Supply Under GST, Charge Of GST, Place of Supply, Exemptions from GST, Time of Supply, and more.
- Vsmart Academy offers valuable notes and techniques for effective preparation.
Previous Year Exam Papers
Practicing with previous year exam papers is a strategic approach to excel in the CA Final IDT exam. This practice provides insights into the exam pattern, question formats, and the level of difficulty. Here are essential resources for candidates:
CA Final IDT Question Papers with Suggested Answers 2024:
- Access to previous year’s question papers for May 2022, December 2021, July 2021, and January 2021.
CA Final IDT Paper Mock Test Papers 2024:
- Utilize revised mock test papers for Series I and Series II to gauge your preparation level and enhance performance.
CA Final IDT Paper 2024 Weightage - Chapter Wise for New Course
Sections |
Part I – GST (75 Marks) |
Weightage |
| Section I | Chapter 1: Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-state supply, intra-state supply, supplies in territorial waters; Charge of tax (including reverse charge); Exemption from tax; Composition levy | 45%-65% |
| Section II | Chapter 1(vii): Procedures under GST including registration, tax invoice, credit and debit notes, electronic waybill, accounts and records, returns, payment of tax including tax deduction at source and tax collection at source, refund, job work Chapter 1(viii): Liability to pay in certain cases | <10%-30% |
| Section III | Chapter 1(xi): Demand and Recovery Chapter 1(xii): Offences and Penalties Chapter 1(xiii): Advance Ruling Chapter 1(xiv): Appeals and Revision | 10%-25% |
| Section IV | Chapter 1: Introduction to GST in India including Constitutional Aspects Chapter 1(ix): Administration of GST; Assessment and Audit Chapter 1(x): Inspection, Search, Seizure, and Arrest Chapter 1(xv): Other Provisions | 5% -10% |
Sections |
Part II – Customs and FTP (25 Marks) |
Weightage |
| Section I | Chapter 1(ii): Levy of and exemptions from customs duties – All provisions including the application of customs law, taxable the event, a charge of customs duty, exceptions to levy of customs duty, exemption from customs duty Chapter 1(iii): Types of customs duties Chapter 1(iv): Classification of imported and export goods Chapter 1(iv): Valuation of imported and export goods | 40% -65% |
| Section II | Chapter 1(vi): Import and Export Procedures including special procedures relating to baggage, goods imported or exported by post, stores Chapter 1(ix): Drawback Chapter 1(x): Refund Foreign Trade Policy Chapter 2(ii): Basic concepts relating to export promotion schemes provided under FTP | 20% – 45% |
| Section III | Chapter 1(1): Introduction to customs law including Constitutional aspects Foreign Trade Policy Chapter 2(1): Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of FTP and other related provisions Chapter 2(i): Basic concepts relating to import and export | 10% – 20% |
Preparation Tips for CA Final IDT
Paper Pattern:
- Understand the subjective nature of the paper.
- Total questions: 100
- Exam duration: 3 hours
- Maximum marks: 100
- Answering 5 out of 6 questions.
Must Read – https://www.vsmartacademy.com/blog/preparation-strategy-to-score-good-marks-in-ca-final-idt/
Assessment Pattern Ratio:
- 30:70 ratio for analytical skills, comprehensive knowledge, and reporting efficiency.
Verb Usage:
- Follow ICAI’s list of verbs with illustrations, such as recommend, evaluate, advice, produce, prioritize, interpret, discuss, and more.
Weightage Allocation:
- Chapter-wise weightage for GST, Customs, and FTP to prioritize preparation effectively.
Revision Techniques:
- Regular revisions of important chapters.
- Utilize ICAI’s recommended reference for quick revision.
- Sample questions for the 30:70 assessment to enhance learning.
Conclusion
In conclusion, success in the CA Final IDT exam requires a strategic and comprehensive approach. By understanding the syllabus, utilizing study materials effectively, practicing with previous year’s papers, and following the recommended preparation tips, candidates can position themselves for success in this challenging examination.