The Institute of Chartered Accountants of India (ICAI) has officially issued the study guidelines for Final Paper 5: Indirect Tax Laws, applicable for the September 2025 examination. These guidelines outline the scope of legislative amendments, notifications, circulars, and exclusions to aid students in focused exam preparation.
Key Applicability
The syllabus includes the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017, as amended by the Finance (No. 2) Act, 2024, with effect up to February 28, 2025. Additionally, provisions under the Customs Act, 1962 and Customs Tariff Act, 1975, as updated by the same Finance Act, are also covered.
Notably, only those amendments that have come into force by February 28, 2025 are applicable. Changes under the Finance Act, 2024 to Sections 2 and 20 of the CGST Act are excluded from the current syllabus as they have not yet been notified.
Important Exclusions
The ICAI has also highlighted several exclusions to help candidates streamline their study:
- Case studies involving rates of tax on supply of goods and services (excluding composition levy).
- Exemptions for supply of goods.
- Valuation provisions involving Kerala Flood Cess.
- Input tax credit treatment in real estate projects and gold dore bars.
- Transitional provisions under GST.
In the Customs segment, amendments introduced through the Finance Act, 2023, such as changes to Sections 9, 9A, 9C of the Customs Tariff Act, and Sections 65 and 65A of the Customs Act, have not been made effective and hence are not relevant for this exam.
Valid Study Resources
For effective preparation, candidates must rely on the November 2024 edition of the Study Material and the Statutory Update for September 2025, both of which comprehensively incorporate all applicable amendments and notifications.
ICAI has reiterated that no other updates or materials released post-February 28, 2025, will be applicable unless explicitly included in the Statutory Update for this exam cycle.
Why It Matters
These clear guidelines ensure that candidates preparing for Final Paper 5 are not overwhelmed with inapplicable or future amendments. This precision in scope also aligns with ICAI's broader aim to test students on legislation that is actively in force.
Official copy of the notification has also been attached
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