Monday, 12 June 2017
Institute of Chartered Accountants of India (ICAI) is planning to revise study module to incorporate GST knowledge for its students. At least two tax papers of the course will see “big changes”, the Institute for Chartered Accountants of India has said.
CAI president M Devaraja Reddy said since GST is an indirect tax law, it will affect the syllabi of all subjects related to indirect taxes. “Part II of paper 4 (indirect taxes) of intermediate course and paper 8 (indirect tax laws) of final course will be altered.” ICAI president, M Devaraja Reddy, said, “Once GST gets implemented in the country , service tax law, excise law, CST law and VAT laws contained in these papers will be subsumed into GST. However, customs laws will continue in these papers even after implementation of GST because customs duty is not being subsumed in GST.”
Formal announcement would be made after final GST Law is in place. “The methodology for designing the syllabi and the time when the same will be made applicable will be decided by the Council of ICAI. Students will be informed well in advance whenever the new syllabi would be made applicable,” he said.
