Amendments for May 2013 CA Exams

The Following are the Amendments released by ICAI on 01.04.2013 for providing clarification to students from various confusions

Amendments For CA IPC  May 2013 Exams

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

By this from now on onwards the practice of Specifying Services applicable for the Exams is Discontinued

The Following New Topics Shall be Included and applicable for the May 2013 Exams

(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

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.

Further the Following Topics are excluded from May 2013 Exams

(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

Amendments Applicable for CA Final May 2013 Exams

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 thirty two taxable services were so notified) would no longer be relevant.

Students are advised to study Paper 8: Indirect tax laws from latest edition of the Study Material which is the relevant for May and November, 2013 examinations. Students having earlier editions of Study Material should refer to the Supplementary Study Paper-2012 (Final) for being updated with the amendments made vide the Finance Act, 2012.

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