BCom In Accounting & Finance (BCAF) Sem VI 2022 2023 April 2023 A. F TAXATOIN V )PD ) Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 B) Match the following: (Any 7) 7 marks
2. Q2 A) Mr. Rakesh a registered supplier of goods, pays GST under regular scheme and provides the following information for the month of August 2022: (15) Inter-State taxable supply of goods Rs.10, 00,000 Intra-State taxable supply of goods Rs.2, 00,000 Intra-State purchase of taxable goods Rs.49,500, He has the following Input Tax Credit at the beginning of August 2022 Rate of CGST, SGST, & IGST is 9%, 9% & 18% respectively. Both inward and outward supplies are exclusive of taxes wherever applicable. All the conditions availing necessary for availing the Input tax credit have been fullfiled. Compute the net GST payable by X for the month of August 2022
3. Q2 B) Mr. Shinde registered in state of Maharashtra provides following details for the month of August. Calculate his net Tax Liability for the month of August. (15) Opening Balance in Electronic Credit Ledger as on Ist August Transactions during the month : Purchased Goods @ 12% GST from Pune 5,60,000 Purchased goods @ 5% GST from Kolhapur 4 20,000 Purchased goods @ 18% GST from Surat Provided Services @ 18% GST to Divya in Agra 7,08 000 Availed Services @ 28% GST from Ahmadnagar 8,96,000 Availed Services @ 12% GST from Latur 6,72,000 Availed Services @ 5% GST from Amravati All the amounts are inclusive of GST
4. Q3 A) An importer from Gujarat imports goods from an exporter in Canada. The vessel carrying the goods reaches Mumbai port first and from there goods are transshipped to Gujarat port. Determine the assessable value of the imported goods under the Customs Act, 1962, from the following particulars: (15) Cost of the machine at the factory of the exporter 54,000 Transport charges from the factory of exporter to the port for shipment 2,200 Handling charges paid for loading the machine in the ship Freight charges from exporting country to India 6,500 Buying commission paid by the importer Charges for design and engineering work undertaken for the machine in Transport charges from Mumbai to Gujarat port 70,000 Actual insurance charges paid are not ascertainable. Exchange rate is CAD | = 57
5. Q3 B) Mr. Sambhu imported goods from a Singapore supplier by air, which was contracted on CIF basis. However, there were changes in prices in the international market between the date of contract and actual importation. As a result of several negotiations, the parties agreed for a negotiated price payable as follows: (15) Particulars In SGD Commission to local agent was paid @ 1% of F.O.B. in SGD Date of bill of entry 25-10-21 SGD 1 51 USD 1 = INR 50 Date of arrival of aircraft 22-10-21 SGD 1 = INR 50 USD 1 = Compute the assessable value and custom duty payable by Mr. Prashant
6. Q4 A)(i) Determine the Customs Duty Payable under Customs Tariff Act, 1975 including the safeguard duty of 25% under section 8B of the said act with the following information made available by the importer: (8) Assessable value of Fibre Granules imported from three developing countries Rs.25 Share of imports of Fibre Granules from three developing countries take together 10% against total imports of Fibre Granules to India Rate of Basic Customs Duty Rate of Integrated Goods & Services Tax u/s 3(7) Rate of Social Welfare Surcharge
7. Q4 A)(ii) Mr. Du Peng, a tourist of Chinese origin aged 40 years come to India on tourist visa for a period of one month on 1/4/2022 along with his wife aged 39 years and a child He brought following items along with him:
   • a. Personal effects like clothes Of Mr. Du Peng valued at Rs. 30,000, of Mrs. Du Peng valued at Rs. 51,000 and of the Xiaoching worth Rs.29,000
   • b. 2 Laptop computer worth Rs.45,000 each
   • c. of wine of 1 liter each of total value of Rs.7,500 What is the Customs duty payable?
8. Q4 B)(i) Explain and solve the following: 8 marks
   • 1. Data Shoe manufacturers, registered in Mumbai, sold goods to a retail seller in Delhi at value of GST of 18%).whether E-Way bill is required?
   • 2. Mr. X erroneously refunded as sum of Rs.20,000 in excess of actual drawback on
   • 20.06.22. the same was returned to the department on 20.10.2022.you are required to calculate the amount of interest chargeable from X
   • 3. M/s Govind Ltd register taxable person file normal return on July, 31 which was due on 21“ July 2022. What fees Govind should pay?
   • 4. Bill of Entry (Fill the following) Color of BOE No of Copies for BOE For Home Consumption For Ex Bond Clearance
9. Q4 B)(ii) Krishna Ltd. a manufacturer has exported following goods to Brazil. You are required to calculate duty these goods based on information given below — (7) Product FOB value of Market price of goods Duty drawback > Imported value of Product Q is Rs.16,00,000 > Product S is manufactured out of duty free inputs Working notes should form part of your answer
10. Q5 A)(i) Explain Provisions for Furnishing the Returns by Taxable Person
11. Q5 A)(ii) State & Explain different types of Duties charged under Customs Law. 7 marks
12. Q5 B) Write Short notes (Any 3) 15 marks
    • b) E-way Bill
    • d) Types of Warehouse

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