BCom In Accounting & Finance (BCAF) Sem VI 2018 19 May 2018-19 Taxation V Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A. Match the column (Any Eight) 8 marks
2. Q1 B State whether True or False (Any Seven) 7 marks
   • 1. Imports of light fitting by passenger including short visit abroad qualify as bonafide baggage
   • 2. Infant means a child not more than four years of age
   • 4. Landing charges are to be added to CIF value
   • 6. A Dealer is liable for registration under GST Act, only if his Supply exceeds Rs. 20,00,000 Maximum Rate of Interest is 8% U/S 50(1)
   • 8. All services are Supply
   • 9. detention of Baggage if it includes import of prohibited items
   • 10. FOB means free on board
3. Q2 A) The details of purchase and Sales of Mr. Ravikishan who started business during the financial year 2018-2019 are given as follows: If inward and outward supplies are exclusive of taxes. Find out whether he is liable for payment under GST, And Total GST Payable U/S 49 if tax rate is CGST, SGST, IGST is 9%, 9%, and 18%
4. Q2 B) ACS Ltd. Operating in Two States Andhra Pradesh and Tamil Nadu, the Tax Liability for the month of March 2019 is as follows: (15 Marks) Prepare different ledger and Find out whether ACS Ltd. is liable for payment under GST or Not? the month of September,2017 plus GST 12%. M/S Ravi Dyeing Pvt. Paid the GST on 5" December 2018. The amount of input tax is 70,000 is available in the books. Calculate interest payable @18% pa CGST Act? (5 Marks)
5. Q3 A) 2. The details of business transactions of Mr. Nandi who started business on. April 2019 are given below. If he has Rs. 5,00,000 in his electronic cash ledger suggest him order of discharge of liability U/S 49(8): (10 Marks) Interest and penalty on delayed payment and filling of returns belonging to September 20,000 Demand raised as per Section 73 or Section 74 under CGST Act,2017 belonging to | 8,00,000
6. Q3 B) 1. M/s Rose Ltd. has in its Electronic Credit Ledger Rs. 10,00,000 not paid the Tax Rs 30,00,000 for the month of May 2018, on or before due date 20/06/2018. If Tax paid on 10/10/2018 Calculate interest payable@ 18% U/S50 under CGST Act? (5 Marks) Rs. 20,000 towards IGST and also interest payable of Rs. 1,800. Explain the manner of discharge of tax liability by Mr. Modi in following Two independent cases li) ITC not available (10 Marks)
7. Q4 A) Product Z was imported by Mr. Rahul by Air. The details of import transaction are as Rate of Exchange Rs. 64 Calculate Total Value of Product Z in India. (15 Marks)
8. Q4 B)1. Calculate Custom Duty Payable. 10 marks
9. Q4 B) 2. Mr. Robart an Indian resident of 35 years returned to India after visiting London on 10" April 2019. On his baggage he brought following items with him: Calculate Custom Duty Payable. (5 Marks)
10. Q5 A) 1. Write any Eight Exempted Items from custom duty of Baggage Rules 2016 under Rule 3from any annexure. (8 Marks)
11. Q5 A) 2. Goods includes as per definition of Custom Act any Seven. Write Short Notes Any Three: (15 Marks) 7 marks
    • 1) Scope of Foreign Trade Policy 2015-20
    • 2) Objectives of Foreign Trade Policy 2015-20
    • 3) Guiding principles of Foreign Trade Policy 2015-20
    • 4) Different Types of Duties as per Custom Act
    • 5) Different Types of Audit as per CGST Act

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