BCom In Accounting & Finance (BCAF) Sem VI 2019 20 Oct 2019-20 TAXATION V Question Paper - Mumbai University | munotes

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1. Q2 Question No. 2,3,4 and 5 have internal options
2. Q3 Each question carry 15 marks
3. Q4 Figures to the right indicate full marks assigned to the question
4. Q5 Specify assumptions, if any while solving the question 1.A) Rewrite the statement with the correct alternative (Answer any eight out of ten) (08)
5. Q1 The Electronic Liability Register shall be maintained in form
6. Q2 Incase of insurance charges not ascertainable, it shall be considered to be %
7. Q3 Fees of per day shall be levied for delay in furnishing of return
8. Q4 Incase of special audit under GST, nominated auditor shall submit the report within the period of days
9. Q5 Anti— Dumping duty is levied u/s of customs Tariff Act, 1975
   • a) Sec 9A b) Sec 8B
   • c) Sec 9 d) Sec 8
10. Q6 Bill of entry for warehousing is also known as __ bill of entry
    • c) Into — bond d) No — bond
11. Q7 Under method of valuation selling price of goods in India after importation shall be used
    • c) Computed | Value d) All of the Above
12. Q8 Male passengers returning to India after staying abroad for more than | year can carry gold jewellery upto in baggage without payment of duty
    • a) Nil b) 20 grams
    • c) Rs.50,000 d) lower of (b) or (c)
13. Q9 FTP is formulated, controlled and supervised by
14. Q10 Maximum warehousing period for goods belonging to 100% Export Oriented Unit is
    • a)5 years b)
    • c) 1 year d) No limit on time period 1.B) Match the following columns (Answer any seven out of ten): (07)
15. Q2 Application for Registration b) Bill of Entry
16. Q3 GSTR-4 c) Classification of packing
17. Q4 Imports materials
18. Q7 Exports f) Return for Composition suppliers
19. Q8 Refund order g) 6% p.a
20. Q9 Interest free period for duty h) December
21. Q10 Petty theft j) Within 60 days from receipt of 2.A) Sumit Electric works registered in State of Chhattisgarh provides following details for the (15) month of January. Calculate its Net Tax Liability for the month of January 2019 Opening balance in Electronic 10,000 1,70,000 23,000 Credit Ledger as on 1* January Opening balance in Electronic 16,700 24 000 39,000 Cash Ledger as on 1* January Transaction during the month Sold goods @ 12% GST to Suresh in & K 4,00,000 2.B) Mr. Raj of Kolkatta Purchase goods from Mr Kamal of Assam for Rs. 1,18,000 Gncluding 18% (15) GST). He also purchased raw material worth Rs. 1,25,000 from local dealer who has opted composition scheme . Further Rs. 50,000 spent for direct and indirect expenses and profit margin @ 12% of cost is added out of these goods 70% of goods sold to Mumbai and 20% in Kolkatta The tax rate for sale is 12%. Calculate its Net Tax Liability for the month
22. Q3 A) 1. A Machinery was imported on 1* April,2018 and was deposited in warehouse on the same date. Ex — bond bill of entry was presented on Nov, 2018. And duty was assessed on Nov,2018 to be Rs. and was finally paid on 14 Nov,2018. Rate of 8 marks
23. Q3 A) 2. A Machinery was imported by ABC Ltd. on 19" December,2017 for Rs. 1,20,00,000 duty rate applicable was 12% and education cess 3%. The same machinery was returned to supplier on 24" February 2019. Whether duty drawback is eligible. If Yes, Calculate the amount of duty drawback 3.B) 1. Drawback of Rs. 40,000 wrongly claim and paid to exported on June 2018. On 28" (08) August demand notice was sent to an exporter Mr. A and accordingly he repaid the amount on 20" Oct 2018 rate of interest @15% p.a. You are required to calculate the amount of interest payable by Mr A 3.B) 2. Calculate eligible duty drawback amount for each of the following cases- (07) Product FOB value of Market value of Duty Drawback xX 1,10,000 1,00,000 5% of FOB For Product X, material imported was of Rs. 1,25,000 For Product Z, no import duty paid for imported material Mr. Pradhan Ltd. imported a machine from Canada in January, 2019. The details in this regard (15) are as under: of machine (CAD) Licence fees required to be paid by buyer (CAD) 1,000 Buying commission paid in India (INR) 50,000 Date of bill of | 15-01-2019 | 10% CAD 1= INR 54 CAD 1 = INR 52 Date of arrival of | 18-01-2019 | 14% CAD CAD 1 53 IGST u/s 3(7) of Customs Tariff Act,1975 is 12%. Insurance details are not available. You are required to compute the total custom duty and integrated tax payable on the importation of machine. You may make suitable assumptions wherever required, SWS @ 10% applicable and also calculate total value of imported goods 4.B) OR (08) 7 marks
24. Q1 Compute Assessable value from the following information:
    • a) F.O.B value of machine — 2,00,000 $
    • b) Freight @ 20% on FOB
    • c) Cost of insurance are not ascertainable
    • d) Transport of imported goods place of import to warehouse of importer— Rs 35,000
    • e) Exchange rate notified by CBEC Rs. 68 Per $
25. Q2 Mr. Ajit an Indian resident. and an engineer by profession ; who was engaged in profession in USA for 10 months brought with him on April,2019. The following used items on his returns to India
26. Q3 Music System
27. Q4 Air Conditioner
28. Q5 Microwave Oven
29. Q6 Fax Machine
30. Q7 Domestic Refrigerator of 315 liter Rs. 1,00,000
31. Q8 One laptop Calculate Custom duty payable by him. Custom duty is 35% and Social welfare surcharge is
32. Q1 Explain the various types of warehouse under customs? 8 marks
33. Q2 Explain the objectives of FTP 2015 - 20? 5.B) Write Short Notes (Any Three) (15) 7 marks
34. Q1 Pilfered goods
35. Q2 E- Way Bill
36. Q3 Guiding principles of foreign trade policy 2015-20
37. Q5 GST Audit

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