Saturday, May 7, 2011

Effective Tips for preparation of Indirect tax

This is my simple effort to bring some of the useful exam tips to score good mark with Indirect tax (Excise, Customs and Service tax)This is my humble effort to those who are writing Indirect taxes to give some good input in to the legality behind the concepts.
This is mainly target to those who had failed frequently in the above segment and those who have poor exam result despite of their hard work. There are two parts this article contains. First is the preparation part (Before and after) and second is the exam point of view. Even if it is lengthy, but useful.

Before start preparation 
1.   Subject analysis: -
Indirect taxes in general are a scoring paper as far as CA final is concerned. There is a section which explains the provisions of tax laws and also many cases laws which may defeat the sections through court and some cases laws support the sections.
good conceptual understanding is must for this segment since there are exam questions will be from particular cases laws part and hence case laws play a good role for this subject.

Open mind and body towards the logic of cases and sections and apply those in a comprehensive and effective manner. This will help you to get a good view over the concepts hiding behind the legality.

During preparation  
1.         Good and effective preparation for Indirect taxation exam
a) Pay more attention on conceptual part and crystal clarity of the concepts is required. This will help you to get a Grip over concepts behind the legality.
b) Never do a by heart studies for this segment. Still we can expect some level of practical questions from this segment. Take pain of understanding the new things
c)   Adopt written mode of studies rather than reading methods. Written means writing relevant key pointsof case laws and sections for easy revisions and not the full content.

You can refer ICAI materials or any other materials ( Bangar, vaidheeswaran etc)I hope modules are seldom referred for this subject.

Read>> Understand the concepts of legal  angle>>Make a good notes of those concepts>> Revise  

2.      Good revision plan
The effectiveness of the subject will help you to score a good mark for this subject. Effectiveness will come only when you are making a good periodic revisions.If you are struck with any points Go back to the above methods and come back. Thus, it is a trail and error method of preparations

What you have learned in Sunday must be revised on Wednesday and so on and so forth.

3.   Keep a work book

Keep a Scheduler or a daily work book and fix daily target and area proposed to be completed within that day. Take an immediate action plan for any deficiency.

4.    Reference book and scanners and suggested answers in tandem. 

Start with reference book and then comes to the past exam question. This Give you an insight to the exam pattern. However, this Exam pattern cannot be predictable.

 Balanced study
5.     You are required to study in a balanced format. This means equal focus on Central excise Act, Customs Act and Service tax. Never ignore service tax part. Leaving any one may be harmful to you to get through this paper.

   Recent amendment and case laws
                                                               Make available the recent amendment  applicable for exam. Since exam questions can come through the recent changes also to check your Updations and all. Give an eye over the practise manual part also.

                                                                    In central excise, Cenvat credit rules is very important, likewise valuation chapters and central excise rules and customs valuation and rules and service tax rules in all these area you are required to have a good command.

  You must have a note making habit during the study process and go through these notes rather than bulk content of the content. This will speed up your learning process and build up your confidence.
6.   Never add anything new during the last 15 days before exam, rather focusing on what already learned. Now you have only 20 days. This is not for adding rather crystallising the things you had learned over a period of 6 month or One year.

During exam 
1.       Your exam question may some time highly practical and require more time to understand what the requirement of exam. Either never be panic or over excited. Be cool and good temper.
2.       2. When you receive the question papers do the followings
  As and when receiving the question papers read questions carefully and plan the questions which you are going to write. Write the question which you feel good and easy and leave all the toughest question during the Strategic time.
3.   Adopt a good time management strategies. Allocate a maximum time for all the questions. This will prevent you for spending more time in one particular questions.   
4.        Never study half and hour before exam. Make your brain cool and calm. Just read the instructions be mentally prepared for your exam.

Better keep your mind free and ready for writing exam. Do best and leave rest to God.There are craming of subject during the time of exam also. 

     Good presentation for your exam
         Try to write the case laws in Three segment. First Fact of the cases, and second the decision taken by the supreme court. Make a good correlation with your exam questions.

        It is better to write precise points with good heading and sub heading. But try to write the things in your way have better effect. This will help to get bird eye view to the examiner. Even for case law segment also.

             For all the practical question, Try to correlate with the things you already learned . Try to write it in your own words. Good Introductory statement and good points and good conclusions.This will

 Classification of exam time
 Classify your total time in to two based on the hardness of your questions. First half can be called normal time and second half is called a strategic time. (In cricket you can compare it with power play).
Start with easy questions (practical) and theory questions first (Normal time) and leave the toughest questions to Strategic time.

e) Attending Full questions without fail

 Try to attend the question that you may be even not know well or not prepared.100% attending all the questions.

Never compare the answer of your friends. 

Never discuss after your exam. Hope this is your last exam in the series. So enjoy relax.

Also don’t forget to refer this also

Wish you all the best
Happy exam writing
CA vivek M
castudenthelpdesk @


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