BCom In Accounting & Finance (BCAF) SEM IV 2015 2016 March 2016 TAXATION Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 Excise duty can be levied on those goods which Manufactured in India c. Removed from factory
   • b. Sold in India d. None of the above
2. Q2 What percentage should be added to the cost of production in the case of captive
3. Q3 CENVAT credit can be utilized for payment of excise duty levied on any
4. Q4 Which one of the followiag would come under the specific rate of duty
5. Q5 The law excise duty is governed by the central Excise Act
   • a. 1944 b. 1962 c. 1994 d. None of above
6. Q6 Service tax Law extends to Whole of India Except Jammu and Kashmir 7 b. Whole of India
   • d. None of these
7. Q7 Whenever aggregate value of taxable service provided exceeds , the service provider is required to get registered,
8. Q8 Service tax is leviable on taxable services
   • a. Provided to be provided
   • b. Both (a) and (c) d. None of the above
9. Q9 Point of taxation is relevant for the purpose of of service tax
   • a. Payment Provision
   • b. Collection
10. Q10 Goods means every kind of
    • a. movable property Both (a) and (b)
    • b. Immoveable property d. None of these State whether the following statement is True False and rewrite the sentence (Any 7) (07) 1, Service tax has been imposed as an indirect tax
11. Q2 Every person liable to pay service tax must apply for registration
12. Q3 Negative List Specifics the services which are out of the ambit of service tax
    • Q.P. Code - 2
13. Q4 Commission charged by bank for bank draft is chargeable to service tax
14. Q5 Definition of goods excludes actionable claim and money
15. Q7 Excise duty and sales tax have to be included in the assessable value
16. Q8 Excise duty is levied by state government
17. Q9 CETA has adopted 9 digit tariff system for classification
18. Q10 Manufacture is not define under Central Excise tariff Act 2 M/s Shakti Industries manufactures a product. Retail price of the product is Rs. 800 p are eligible for 20% discount Wholeseller’s are eligible for 15% discount Retailers are eligible for 10% discount Company has scheme of giving 5% quantity discount to those consumers whose purchase are least 20% more than their own purchases in previous month. Additional discount was granted excess quantity purchased. Purchases for the month of March 2016 are as follows: Rate of excise duty is 14% . Find out total excise duty payable. Ignore education cess Determined the Assessable value and the cost of production on manufacture of the unde: mentioned product for purpose of captive consumption in terms of Rule 8 of the Central Excis Administrative overheads are in relation to production activities. Material cost includes duty Rs, 12,445 availed by way of CENVAT credit
19. Q3 Compute value of taxable services and the sevice tax from the following received by MKES Eductation Institute. (15) 1.Collections from running a school upto 12" Standard : Rs. 5 Lakh
20. Q2 Fees for conducting examinations, etc. in school : 3 lakh
    • Q.P. Code - CAF4040316 3
21. Q3 Collection from conveyance facility to students of school : 4 lakh
22. Q5 Collections from running an approved vocational educational course : Rs. 5 lakh
23. Q6 Running a boarding school with fees of Rs. 14 lakh (package offered inclusive of food, rent,
24. Q7 Running courses recognized by foreign law : Rs. 5 and collections from bus facility to
25. Q10 College education fees (affiliated to Mumbai university) : Rs. 10 Lakh
26. Q11 Holding test for admission to college : Rs. 3 lakh The society received grants-in- aid of Rs. 25 lakhs from Government/ Foreign bodies All the amounts are excluding tax. Ignore threshold exemption Q- 3 Lakhanpur Post Office provided the following services to persons other than Government during the quarter ending 31/3/2015. (15) Transfer of money through money orders 5,00,000 Distribution of mutual funds, bonds and passport applications Issuance of postal orders Collection of telephone and electricity bills 1,00,000 Compute the services tax liability of Lakhanpur Post Officce for the quarter ending 31/3/2016 Q-4 A] ABC Advertising agency provides the following services for the year 1.Sale of space for advertising to ABC Ltd. Rs. 9 lakhs
27. Q2 Sale of time slot for advertisement to be broadcast on television : Rs. 7 lakhs
28. Q3 Charges for preparation for advertisement for reliance communications : Rs. 8 lakhs
    • Q.P. Code - CAF4040316 4
29. Q4 Advertisement via banner at public places : Rs, 13 lakhs
30. Q5 Commission Charges for canvassing advertisement on FM radio : Rs, 3 lakhs
31. Q6 Sale of time slot for advertisement on FM radio : rs.3 lakhs Compute the value of service tax and service tax payable thereon if all charges exclusive of service tax, Ignore Small Service Provider’s exemption
    • B] An assessee has factory in Kolkata. As a sales policy, he had fixed uniform price Rs. 2,000 per piece (excluding taxes) for sale anywhere in India. Freight is not Separately in his invoice. During the current FY, he made following sales:- (i) Sale factory gate in Kolkata- 1,200 pieces. no transport charges; (ii) Sale to buyer’s in Guja pieces actual transport charges incurred Rs. 28,000; (iii) Sales to buyer’s in Bih 0 Pieces — actual transport charges incurred Rs. 18,000; (iv) Sales to buyer’s in 1,000 pieces — actual transport charges incurred Rs. 54,000. Find the assessable value Q-4 A) Determine the Point of taxation in the following cases, (08) XYZ sells its Products A, B and C through unrelated wholesalers. The wholesale price is Rs, 91,500 (inclusive of excise duty). Cash discount of Rs. 2,000 is allowed the payment is made within 7 days; and if the payment is made after 30 days, interest is charged at 18% per annum. Charges for durable and packing are Rs. 1,500 The manufacturer has paid turnover tax Rs. 910 and this is not recoverable from the buyer. What is the assessable value and what is the excise duty payable, if the product is liable for excise duty @14% and education cess @3%? (07) Q-5 a] Explain the Process of registration under Service tax Act. (15) Q~5 write short note (Any 03)
32. Q2 Manufacture
33. Q3 Any five Mega Exemption
34. Q4 Factory
35. Q5 Financial services
    • Q.P. Code - CAF4040316 3
36. Q3 Collection from conveyance facility to students of school : 4 lakh
37. Q5 Collections from running an approved vocational educational course : Rs, 5 lakh
38. Q6 Running a boarding school with fees of Rs. 14 lakh (package offered inclusive of food, rent,
39. Q7 Running courses recognized by foreign Jaw : Rs. 5 lakh and collections from bus facility to
40. Q10 College education fees (affiliated to Mumbai university) : Rs. 10 Lakh 11, Holding admission test for admission to college : Rs. 3 lakh The society received aid of Rs. 25 lakhs from Government/ Foreign bodies All the amounts are excluding tax. Ignore threshold exemption Q- 3 Lakhanpur Post Office provided the following services to persons other than Government during the quarter ending 31/3/2015. (15) Transfer of money through money orders 5,00,000 Distribution of mutual funds, bonds and passport applications | 5,00,000 Issuance of postal orders 3,00,000 Collection of telephone and electricity bills 1,00,000 Compute the services tax liability of Lakhanpur Post for the quarter ending 31/3/2016 Q-4 Aj ABC Advertising agency provides the following services for the year ended of space for aerial advertising to ABC Ltd. Rs. 9 lakhs
41. Q2 Sale of time slot for advertisement to be broadcast on television : Rs. 7 lakhs
42. Q3 Charges for preparation for advertisement for reliance communications : Rs. 8 lakhs

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