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Few Notable points regarding preparation of Indirect Tax (IDT) Laws:
1. Right sequence of IDT preparation:
It is very imp to use right study sequence for IDT preparation. I also
prepared IDT with self-study from Bangar in 2004. Let me tell you my
sequence which is listed below:
a. First pic a topic and study from ICAI Study Material
b. After that Study that topic from Bangar
book for better understanding and clarity. If the topic is imp, prepare
a short note of this topic with relevant case laws.
c. Check scanner for this topic and give a
quick reading from suggested answers. This will give you an idea about
probable form of question that may be asked in exam.
d. In the end refer questions given in
revision test papers and practice modules. I am sure after above
detailed study you will be able to perform well in exam.
2. Always refer updated Study Material:
Indirect Tax (IDT) Laws is a subject where amendments are quite
frequent. Hence it is advisable to refer updated material for study
purpose. Keep a close watch on recent IDT notifications and changes and
update yourself. It is always advisable to check ICAI website for
amendments from academic and exam point of view. Recently ICAI has
revised the course of Indirect Tax (IDT) Laws and list revised study
material for IDT on its website. You may download updated study material
this from the link given below:
3. Reference Book for IDT:
It is important to use right reference book from the very beginning.
For Indirect Tax (IDT) paper you may refer the most preferred reference
book of Vandana Bangar and Yogesh Bangar along with updated ICAI Study
Material. Latest available Bangar book is “Comprehensive Guide to Indirect Tax Laws (for CA Final, CMA, CS & other Professional Courses)”.
This book covers: Central Excise, Customs, Service Tax, Vat, Foreign
Trade Policy (as per Nov. 2014 Syllabus), Guideline Answers, Bare Act
and rules, Finance Act, 2013 & Amendments upto 30-04-2014, Judicial
Pronouncements as applicable for Nov 2014 exams. You may also order this
book online. The students are advised to give thorough study to this
book.
SEE FULL CA COURSE TIPS AND SUGGESTIONS :::
- FOR FINANCIAL REPORTING : http://goo.gl/4fcDpE
- FOR SFM : http://goo.gl/X2AwGE
- FOR ADVANCED AUDITING : http://goo.gl/6Ug9Ex
- FOR LAW : http://goo.gl/Xp2tcv
- FOR AMA : http://goo.gl/E708AU
- FOR ISCA : http://goo.gl/f2tdsU
- FOR DIRECT TAX : http://goo.gl/WosGwp
- FOR INDIRECT TAX : http://goo.gl/z1MU2V
3. Prepare Latest Case Laws: Indirect
Tax (IDT) is a subject where most of the study and conceptual
understanding of a topic is dependent on knowledge and understanding of
landmark and latest case laws. You may find practical questions based on
latest case laws. So it is very important to prepare latest vase laws.
Let me share my experience with case law based exam in CS. In my
December 2004 CS Final IDT subject exam almost 80% paper was based on
case laws. Though I was not prepared for such drastic change in exam
pattern but somehow knowledge of latest case laws saved me in that
attempt and I got 44 marks. Accordingly I would suggest you to prepare
case laws in IDT. You may download the file containing latest Indirect
Tax Case Laws relevant for November, 2014 Examinations from the link
given below:
Also download some extremely useful exam
oriented files related to Indirect Tax Amendments applicable for
November 2014 attempt from the link given below:
4. Use of Bare Act for Different Indirect Tax Laws:
Along with a good reference book it is very beneficial to refer
Indirect Tax Bare Act and Compiler. You may easily find bare act of
different Indirect Tax Laws. No need to waste too much time in selecting
the reference book. Reference book of Bangar along with IDT bare act is
enough for good IDT preparation.
5. Conceptual Clarity is must: Just
like other subjects, in Indirect Tax (IDT) paper also conceptual
understanding of subject is must for good performance in exam. Just to
understand and retain contents of IDT chapters it is advisable to study
with relaxed mind and try to focus on Conceptual study and
understanding. Without Conceptual clarity it would be tuff for you to
perform well in IDT subject as you won’t be able to recall in exam hall.
To ensure proper grip on IDT chapters, it is important and necessary to
follow the study sequence given in point 1 above.
6. Use revision test papers, practice manuals:
Revision Test Papers, Practice Manuals, Scanners, Suggested Answers,
Solved scanners and compilers are considered as secondary source of
preparation. After thorough study from Institute Study Material and
reference book, it is advisable to refer above mentioned secondary
source of preparation. These secondary sources of preparation will help
to give a final touch to your exam preparation and also help you to
judge the level of your preparation. So use them as per availability of
time.
7. Good revision with Atlas revision method:
A good Revision strategy is very important and inevitable in a subject
like IDT. Revision for this subject would mean 3 times minimum to be
able to write well in the exam. Anything below this number is taking a
chance. In case of poor revision, it would be difficult for you to
recall the concepts, case laws and important topics in exam hall. If you
fail to revise properly, your IDT paper would be a complete disaster.
So beware about the same. Hence after completing all the chapters
revise all of them one by one in the same order in which you have made
first reading.
Atlas Method for revision:
There are always some questions and formulas which we used to forget in
exam hall. If you find anything very difficult to remember then after
preparing the same topic once or twice put it in the ATLAS. Keep putting
difficult and important topics in ATLAS till exam date. There would be a
different ATLAS for law, audit, accounts etc. Now 1.5 or 2 hour before
leaving your home for examination hall open ATLAS question list and
revise it properly or give it a special reading. Now if you find any
question from ATLAS in the exam paper it would be very easy for you to
answer immediately as you specially revise it just 2-3 hours back and
your confidence level will automatically increase in the beginning of
exam.
OTHER CUSTOMARY AND NOTABLE POINTS FOR EXAM WRITING:
Please take note of the below mentioned relevant point regarding preparation of Indirect Tax (IDT) paper:
a. Lack of good writing and presentation
skills in theory papers is one of the major drawbacks for most of the CA
and CS students. So it is better to work out on your writing and
presentation skills to fetch extra marks for good writing and
presentation. Write case laws in proper and presentable manner.
b. It is not possible to read 100% study
material. So you have to learn to strike of the least important theory
in study material. Give first reading to the topic and strike of the
portion which you think is irrelevant for exam. This will help you to
save time and energy.
c. Try and make an effort to complete your
paper 100%. In other words attempt full paper of 100 marks to fetch
some extra marks. Remember if you leave any question it would be
impossible to get even 1 mark for that topic so it is better to write
something for that topic.
d. Keep a query diary with you during
study time and note your queries in this diary and resolve them same day
or next day. Do not keep your query unresolved. Don’t forget to mention
answer of your query in the query diary.
e. Prior understanding of Question paper
pattern is very important. So before going to exam refer last attempt
question paper to understand exam pattern properly. Further the
presentation is very important in IDT subject so you should avoid
unnecessary cuttings and corrections.
The above mentioned views are my personal
views about IDT paper. Different students may have different views and
study techniques so it is not intended to represent the mindset of large
number of persons through this articles. You may always prepare your
own strategy to deal with IDT or any other subject at any stage. I
sincerely believe that the suggestions mentioned above would be of some
help in exam preparation.
Thanks
CS Ankur Garg
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