regarding the commerce syllabus for 2018

abhishekp836

Hi,
Just confused about the commerce syllabus for 2018.
1. Is GST is applicable for 2018 mains ICS instead of service tax and VAT.
2. What would be the Tax Slab for the Income Tax Exam i.e., slab rate, deductions etc.
3. Will IND AS be applicable or the old IFRS for accountancy and Is schedule III of the preperation of Financial Statements applicable or old Schedule VI/Revised Scedule
VI?
4. Whether Indian Companies Act, 2013 is applicable or the old Indian Companies Act, 1956?

It would be very grateful of yoy if you help me in this regard.

Gaurav7777

In my opinion, GST should be applicable in place of Service Tax and VAT. Although, nothing can be said with surety before the coming out of official notification for next UPSC CSE. Same is the case with Accounting Standards. Ind AS should be applicable in place of old Accounting Standards.

What can be said surely is that the new Companies Act, 2013 would be applicable and consequently, Schedule III in place of Schedule VI. As regards tax slabs and rates, it depends on the decision as to what will be the new rates and slabs for the financial year 2018-19.

You are requested to edit the title of the thread and rename it as "Commerce & Accountancy: Discussion thread for UPSC CSE 2018-19", so that it may become a one stop platform for all the doubts and discussions related to Commerce optional.

@deshbandhu What do you say?