By Rohit Chipper
AIR 17 CA Final
air 18 ca inter
NOTE FROM AUTHOR
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Glad to share with you all the last day revision notes for Indirect tax. You can also access FREE
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Why last day revision notes are useful & What all it covers?
• ICAI 110 MCQ summary categorised in ABC category.
(Save time by reading one liner summary)
• Time Limits
• Interest rate summary (carries 4-8 marks in every attempt)
• Monetary limits, penalties & appeals summary,
• ABC & Trend analysis
Must refer these notes at least 3-4 hrs before the exam as ICAI is asking not only MCQ but
descriptive Qns too (around 10-15 marks) from these limits, penalties etc.
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[Link] (Which covers the following).
CA Final IDT Last Day Revision Notes (Telegram channel: CA Rohit Chipper)
By CA Rohit Chipper, AIR 17 CA Final, AIR 18 CA Inter, Ex-PwC
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1. Interest Rate Summary
Sr.
Importance Provision Description From To Rate of Interest
No.
(1) GST - Interest Rate Chart
Most Sec. 16 + Rule 37 Interest on non-payment of
1 Date of Availment Date of reversal 18%
important of CGST consideration within 180 days
Date of payment or
Sec. 17 + Rule 42 ITC to be reversed w.r.t inputs,input 1st day of April of
2 addition to output 18%
of CGST services & capital goods succeeding financial year
liability
Succeeding Day on which tax
Sec. 50 of CGST Delayed payment of self
2 was due (20th of next Actual Date of payment 18%
Act assessment tax
month)
Succeeding Day on which tax
Sec. 50 of CGST Undue Excess claim of ITC, or undue or
3 was due (20th of next Actual Date of payment 24%
Act excess reduction in output tax liability
month)
Sec.. 115 of CGST Date of payment of pre- Date of refund of pre-
4 Interest on pre-deposit 6%
Act deposit deposit
After expiry of 60 days from
Most Sec. 56 of CGST Interest on Delayed Refunds (if not Date of refund of such
5 date of receipt of application 6%
important Act refunded within 60 days) tax
(of refund)
Interest on Delayed Refunds as a
consequence of order of adjudicating / After expiry of 60 days from
Most Sec. 56 of CGST Date of refund of such
6 appellate authority/ appellate tribunal/ date of receipt of application 9%
important Act tax
court order (of refund)
(if not refunded within 60 days)
Succeeding Day after due
Most Sec. 60(4) of CGST Interest on amount payable under
7 date of payment of tax Actual Date of payment 18%
important Act Provisional assessment
under provisional
After expiry of 60 days from
Sec. 60(4) of CGST Interest on amount refundable under Date of refund of such
8 date of receipt of application 6%
Act Provisional assessment tax
(of refund)
(2) Customs - Interest Rate Chart
Most S. 18 of Customs Interest on amount payable under 1st Day of month in which Actual Date of payment
9 15%
important Act Provisional assessment duty is provisionally assessed of Duty
After expiry of 3 months
Most S. 18 of Customs Interest on amount refundable under Date of refund of such
10 from finalization of 6%
important Act Provisional assessment Duty
assessment
Sec. 47 of Custom Interest on Late payment of import Next date after presentatn of Actual Date of payment
11 15%
Act duty-In case of Immediate Payment BOE for home consumption of Duty
Sec. 61 of Custom Next date after 90 days of Actual Date of payment
12 Indirect Clearance of Customs Warehouse 15%
Act warehousing order by PO of Duty
15%
75A(2) of (If claimant not pay
Most Customs Act r/w Date of payment of such Date of recovery of such within 2 months
13 Interest on erroneous refund of drawback
important S. 28AA of drawback to claimant drawback from date of
Customs Act demand, recovery
initiated)
75A(1) of
Most Customs Act r/w Interest on delayed payment of Drawback After expiry of 1 month from Date of payment of such
14 6%
important S. 27A of Customs to claimant date of filing drawback claim drawback
Act
CA Final IDT Last Day Revision Notes (Telegram channel: CA Rohit Chipper)
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(2) Monetary Limits
Section Description Explaination
10(1) Composition levy Turnover limit for composition scheme Rs. 75 Lakhs (8 Special States) or Rs 1.5 Cr (For rest of country)
11 Exempt services Services provided by Government to a business entity where the consideration is < Rs. 5,000
11 Exempt services Services by a hotel, inn, guest house, club or campsite for lodging purposes, having value <= Rs 1000 per day.
Service by an unincorporated body or a non-profit entity to its own members by contribution upto an amount of
11 Exempt services
Rs. 7,500 per month per member for sourcing of goods or services for the common use in a residential complex.
Services by an acquiring bank to any person in relation to settlement of an amount upto Rs. 2000 in a single
11 Exempt services
transaction transacted through credit card, debit card etc.
11 Exempt services Services of Life micro-insurance product as approved by IRDA, having max. cover of Rs. 2,00,000
Services provided by GTA where consideration charged for the transportation of goods
11 Exempt services on a consignment transported in a single carriage <= 1500 or
for a single consignee <= 750
Services provided by incubate upto a total turnover of Rs.50 lakhs in a financial year provided its turnover <= 50
11 Exempt services
lakhs in PY
a. The total turnover had not exceeded Rs. 50 lakhs during the preceding financial year; and
11 Exempt services
b. A period of 3 years has not elapsed from the date of entering into an agreement as an incubates.
Services by an artist by way of a performance in classical art forms of music, dance or theatre if the consideration
11 Exempt services
charged <= 1,50,000 (No exemption if service provided by artist as a brand ambassador)
Services by a person of religious ceremony, renting of a religious place is exempt but following will be taxable
11 Exempt services renting of
Rooms >= 1000 per day, Premises, halls, or open area >= 10,000 per day, shops >= 10,000 per month
Sch III Gifts by employer to ee Gifts by employer to employee <= 50,000 per employee in a FY would not qualify as 'supply'.
Availing ITC of inputs held in
41 The declaration shall be duly certified by a practicing CA or a CMA if value of the claim < 2 lac
stock (ITC-01)
Person is liable to get registered if his aggregate turnover for goods > 40 lacs |for goods and/or services > 20 lacs |
22 Registration u/s 22
For special category states > 10 lacs
At the option of the supplier, value of supply/change of foreign currency, shall be deemed to be-
I. 1 % of the gross amount of currency exchanged for an amount upto Rs. 1 Lakh subject to a minimum amount of
Rule Value in relation to supply Rs. 250.
32(2)(b) of foreign currency II. 1,000 + 0.50% of the gross amount of currency exchanged for an Rs. 1 Lakh and up to Rs. 10 Lakh; and
III. 5500 + 0.10% of the gross amount of currency exchanged for an amount > 10 Lakh, subject to a max amount of
60,000.
The supplier can issue a consolidated invoice to unregistered recipient under the Act:
Consolidated revised
Rule 53 In case of Local supplies - For all the supplies
invoice [Rule 53]
In case of Inter-State supplies - If the value of total supply <= 2.5 Lakhs
If the amount of tax invoice is less than Rs. 200, then it is not mandatory to issue tax invoice
31 Issuance of Tax invoice
(Not applicable in case of entry ticket to cinema in a multiplex screen)
Tax must be paid electronically, if amount > 10,000 (If tax liability is upto 10,000 then non - electronic payment
Rule 87 Electronically tax
(over the counter) is also valid)
51 Tax deducted at source The provisions of TDS shall apply only if value of supply > 2,50,000
54(14) Refund [Sec 54(14)] Refund can only credited to your account, if amount exceeds Rs. 1000.
Every registered person whose aggregate turnover > 2 Cr. is required to get his accounts audited by a practising
Audit Audit of accounts
CMA or CA.
Any person fails to furnish Returns by the due date, Then pay, late fee of Rs. 100 per day subject to max 5,000 in
Late fees Late fees under Returns
CGST act
Provisional refund shall be granted subject to the condition that the person claiming refund has, during any period
Refund Grant of provisional refund of 5 years immediately preceding the tax period to which the claim for refund relates, not been prosecuted where
the amount of tax evaded exceeds INR 2.5 cr.
Total amount of ineligible or fraudulently availed ITC and Officer who can disallow debit of amount from electronic
credit ledger under rule 86A
Rule 86A Payment of Taxes - Not exceeding Rs. 1 crore - Deputy Commissioner/Assistant Commissioner
- Above Rs. 1 crore but not exceeding Rs. 5 crore - Additional Commissioner/Joint Commissioner
- Above Rs. 5 crore - Principal Commissioner/Commissioner
W.e.f. 01.04.2022, e-invoicing has been made mandatory for all registered businesses with an aggregate turnover in
31 Issuance of Tax invoice
any preceding financial year from 2017-18 onwards greater than Rs. 20 crores
CA Final IDT Last Day Revision Notes (Telegram channel: CA Rohit Chipper)
(3) Penalties & Appeals
Section Description Explaination
Fee for application to the An application for obtaining an advance ruling shall be made on the common portal and shall be accompanied by a
97
Authority for Advance Ruling fee of INR 5,000 to be deposited
Fee for appeal to the
An appeal against the advance ruling issued under shall be made by an applicant on the common portal and
99 Appellate Authority for
shall be accompanied by a fee of INR 10,000 to be deposited
Advance Ruling
Payment of tax and other The facility referred to in rule 158 (2) shall not be allowed where the amount for which instalment facility is sought
80
amounts in instalments is less than INR 25,000.
Penalty for tax not paid or
73 Penalty equivalent to 10% of tax or INR 10,000, whichever is higher, due from such person and issue order.
short paid
Constitution of Appellate - In the absence of a Member, any appeal with the approval of the President be heard by a Bench of 2 Members
109(10) Tribunal and Benches - Any appeal where the difference in tax, ITC, fine, fee or penalty does not exceed INR 5,00,000 and does not
thereof [sec. 109(10)] involve any question of law may, with the approval of the President heard by a bench consisting of a single
Appeal to the Appellate The fees for filing of appeal or restoration of appeal shall be INR 1,000 for every INR 1,00,000 of tax determined in
110(5)
tribunal [rule 110(5)] the order appealed against, subject to a maximum of INR 25,000.
Appeal to the Appellate The Appellate Tribunal may refuse to admit any appeal where the difference in tax, ITC, fine, fee or penalty
112(2) tribunal [Sec. 112(2)] determined by such order, does not exceed INR 50,000.
Penalty for [Sec. 122(1), (2) 21 categories of offences are stated u/s 122(1) and for which the person shall be liable to pay penalty of higher of
122
& (3)] INR 10,000 or actual amount of tax involved.
Penalty for Certain offences Any registered person who supplies any goods or services or both on which any tax has not been paid for any
122
[Sec. 122 (2) (a) reason, other than the reason of fraud then he is liable to pay penalty of 10,000 or 10% of the tax (whichever is
Penalty for Certain offences Any registered person who supplies any goods or services or both on which any tax has not been paid for reason of
122 (2) (b)
[Sec. 122 (2) (b) fraud then he is liable to pay penalty of 10,000 or 100% of the tax (whichever is higher)
Failure to furnish If a person fails to furnish information return u/s 150, he shall be liable to pay a penalty of INR 100 per day of the
123
information return period during which the failure to furnish such return continues. (Max INR 5,000)
If any person fails to furnish any information or return u/s 151, liable to pay following penalty
Fine for failure to furnish
124 a) Non-continuing = Max INR 10,000
statistics [Sec. 124]
b) Continuing INR 100 per day (max. INR 25,000)
125 General penalty General penalty for contravention of any provision of this act = Max. 25,000
Breach without fradulent intent & gross negligence shall be considered a 'minor breach' if the amount of tax
126 Minor breach
involved < 5,000
12 categories of offences are stated u/s 132(1) and for which the person shall be punishable ->
in cases where the amount of tax evaded > 5 crore shall be punishable with imprisonment upto 5 year + Fine
Punishment for certain in cases where the amount of tax evaded is between 2 - 5 crore shall be punishable with imprisonment upto 3 yr +
132
offences Fine.
in cases where the amount of tax evaded is between 1 - 2 crore, shall be punishable with imprisonment upto 1
year + fine
Where any person engaged in connection with the collection of statistics u/s 151, having access to information
Liability officers certain specified u/s 150(1), or wilfully discloses any information any return furnished, shall be punishable with
133(1)
persons imprisonment upto 6 months + 25,000 fine.
Following person shall not be compounded
- already compound once,
138 Compounding of offences
- other than those in section 138(l)(a)
- guilty under the provisions of this Act, in respect of supplies of value exceeding INR 1 crore
- Minimum amount not being less than
a) INR 10,000 or b) 50% of the tax involved, (whichever is higher)
138 Compounding fee
- Maximum amount not being less than
a) INR 30,000 or b) 150% of the tax, (whichever is higher)
Every registered person who causes movement of goods of (consignment value + GST) > 50,000 shall furnish
Generation of e- way bill information in EWB-01, Does not apply for interstate movement when:
Rule 138
(Rule 138) a) Principal sends the goods for job work,
b) Handicraft supplier who is exempted for registration u/s 24.
Where the owner of the goods comes forward for payment of such tax and penalty
Taxable goods: tax + penalty (200% of tax) | Exempted goods: Lower of 2% of value of goods or INR 25,000
Detention, seizure and
129(1) (a) Where the owner of the goods does not comes forward for payment of such tax and penalty
release of goods and
& (b) Taxable goods: tax + penalty (50% of value of goods or 200% of tax payable whichever is higher) | Exempted
conveyances in transit
goods: Lower of 5% of value of goods or INR 25,000 whichever is less
(These penalty are under CGST Act, If in Qn IGST is mentioned then penalty will be 2X)
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(4) Indirect Tax ABC & Trend Analysis
Sr. ABC
Chapter Name May-18 Nov-18 May-19 Nov-19 Nov-20 Jan-21 Jul-21 Dec-21 May-22 Total
No. Analysis
1 C GST in India- An Introduction 5 5 8 18
2 B Supply under GST 0
3 B Charge of GST 3 8 5 5 5 26
4 B Exemptions from GST 5 9 14
5 B Place of Supply 10 9 4 23
6 B Time of Supply 10 5 15
7 A Value of Supply 22 15 18 13 18 19 14 9 4 132
8 A Input Tax Credit 10 17 10 14 15 4 14 84
9 A Registration 5 5 4 4 10 4 2 34
Tax Invoice, Debit Notes & Credit
10 C 5 4 9
Notes
11 B Accounts and Records, E-way Bills 5 10 4 2 21
12 A Payment of Tax 10 9 4 4 8 14 5 54
13 C Returns 5 5
14 C Import & Export under GST 4 4 8
15 A Refunds 5 5 5 5 4 9 33
16 C Job Work 4 4 8
17 C Assessment & Audit 5 5 5 15
18 C Inspection, Search, Seizure & Arrest 5 5
19 B Demands & Recovery 5 4 5 4 18
20 C Liability to Pay Tax in certain cases 5 4 9
21 A Offences & Penalties 10 5 4 13 4 5 41
22 B Appeals & Revisions 5 5 4 5 5 4 5 33
23 C Advance Rulings 5 5
24 C Miscellaneous Provisions 5 5 10
25 C Levy & Exemption from Custom Duty 5 9 5 19
26 B Types of Duty 5 10 5 20
Classification of Imported & Export
27 C 5 5 10
Goods
28 A Valuation under Customs Act, 1962 5 10 10 10 5 10 10 5 7 72
Importation, Exportation and
29 B 5 5 5 5 8 28
Transportation of Goods
30 A Duty Drawback 5 5 5 10 5 30
31 B Refund 5 5 10
32 B Foreign Trade Policy 5 5 10 5 25
CA Final IDT Last Day Revision Notes (Telegram channel: CA Rohit Chipper)
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(5) Time Limits
Section Description Time limits
Intimation by a registered person for entering into FORM CMP-02: Prior to commencement of the F.Y.
10
composition scheme FORM GST ITC-03: within a period of 60 days
Validity of composition levy-intimation for Intimation for withdrawal from the scheme in CMP-04 to be given within 7 days from the
10
withdrawal from the scheme occurrence of withdrawal.
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IDT Last Day Revision Notes (Telegram channel: CA Rohit Chipper AIR 17)
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Must refer category A MCQ 3-4 hrs before the exam
(6) IDT 110 MCQ Summary (Individual)
MCQ
Chapter ABC GST Summary
no.
1 2 Levy of GST C Gift to employee having mkt value upto 50K per employee - not considered supply.
Goods sold by agent by raising invoice using the GSTIN of principle will be added to the turnover of principle and
4 Value of
2 B not agent.
supply
Commision charges will be added to the turnover of agent and not principle.
Following person eligible for composition {Sec 10(1) & 10(2)}-
- Turnover not exceed 1.5 crore (75 lacs for spcl category)
6 composition
3 B - Not engage in manufacture pan masala, tobaco, icae cream & other edible ice, Fly ash bricks, Bricks of fossil
levy
meals, Building bricks, Earthen or roofing tiles.
- Restraurant service
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IDT Last Day Revision Notes (Telegram channel: CA Rohit Chipper AIR 17)
MCQ Chapter ABC Custom Summary
71 28 Valuation B unit price in greatest aggregate quantity = Price @ which maximum qty is sold (Don't do any average)
Goods pilfered after unloading and before clearance for home consumption - No liability to pay customs duty
72 26 General pro A Goods damaged or deteriorated before their examination for assessment - Abatement of duty
Goods lost or destroyed before clearance for home consumption - Remission of duty
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