MCom MCom Accountancy SEM IV ADVANCED ACCOUNTING, CORPORATE ACCOUNTING AND FINANCIAL MANAGEMENT INDIRECT TAX INTRODUCTION OF GOODS AND SERVICE TAX Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate maximum marks

1. Q1 a.) Mr. Amit, started his business in Meghalaya, who’s exclusively in supply Goods from 1“ April, 2022. Details of his monthly Purchases and Sales from April 2022 onwards are as Is Mr Amit is liable for registration as per the provision of GST Act. If yes, from which date? Give necessary justification for your answer
2. Q1 b.) M/s Ashoka Brothers provide the details of transactions of their business from the state of Maharashtra during the month of December, 2022. Are they liable to get register under GST ? If yes then when? (15)
   • 08.12.2022 Inward supplies on which tax is payable under reverse charge 4 25,000
   • 10.12.2022 Goods supplied to Nanded (Maharashtra)
   • 15.12.2022 Services provided to Sangli (Maharashtra) 7,80,000
   • 19.12.2022 Goods Supplied to Amravati (Maharashtra) 3,90,000
   • 27.12.2022 Taxable Goods Supplied to Khed (Maharashtra) 3,15,000
3. Q2 a.) Mr. M of Mumbai provides you the following details for the month of March, 2022 : Opening Balance in Electronic Credit Ledger as on March 2022 : : 67506 Advanced Accounting, Corporate Accounting and Financial Management: Indirect Tax- Introduction of Calculate the net tax liability for the month of March, 2022 Note : All the figures given above are excluding GST
4. Q2 (b) From the following information given to you of Mr. Sandesh compute the value of taxable service & the goods and services tax payable for the month of June,2023. All amounts given are excluding Goods and services tax. GST rate for all the supplies may be assumed to be 18% (15)
   • 1. Acting as business facilitator of a banking company Rs. 4, 00,000
   • 2. Services by way of warehousing of rice Rs. 3,00,000
   • 3. Advice in Relation to Setting up an Institute Rs. 1,00,000
   • 4. Renting of vacant land for floriculture Rs.1,50,000
   • 5. Receipts from running training center in relation to hobby classes Rs. 1,16,000
   • 6. Commission from acting as Commission agent of consumer goods Rs. 90,000
   • 7. Carried out certain process as job work which did not require amount of tax Rs.84,000
   • 8. Charges for preparation of advertisement Rs. 1,43,000
   • 9. Storage and Warehousing of Agricultural Produce Rs.1,35,000
   • 10. Salary received from employer Rs. 4,80,000
   • 11. Amount received as rent from residential house Rs. 2,40,000
   • 12. Services by way of conduct of religious ceremony as pandit Rs.1,30,000
5. Q3 a.) Mr Sharma registered in the state of Karnataka provides the following details for the month of August 2022: Opening Balance in Electronic Credit Ledger as on 1* August: Both inward and outward supply are exclusive of taxes wherever applicable Calculate net GST payable by Mr Sharma for the month of August,2022 : 67506 Advanced Accounting, Corporate Accounting and Financial Management: Indirect Tax- Introduction of
6. Q3 b.) Mr.Sameer , a supplier of goods ,pays GST under regular scheme. He is not eligible for any threshold exemption. He gives the following information pertaining to taxable inward/outward supplies for March 2023 He has following input tax credit at the beginning of March Rate of CGST, SGST & IGST is 9 %, 9% and 18% respectively on both inward and outward supplies. Both inward and outward supply are exclusive of taxes wherever applicable Calculate net GST payable by Mr Sameer for the month of March 2023 State whether the following are True or False (8)
   • 1. GST in India is a Dual GST model
   • 2. An agriculturist is not liable for registration to the extent of supply of produce out of cultivation of land
   • 3. Acasual taxable person cannot claim Input tax credit on all supplies
   • 4. Application for cancellation of registration is to made in Form GST REG- 03
   • 5. The maximum rate for any intra-State and Inter-State transaction will not exceed 18%
   • 6. IGST shall be first utilized towards payment of CGST and then IGST and the remaining amount may be used towards payment of SGST
   • 7. Umang, an interior decorator , provided services to Rajmahal Palace to design its hotel in Dubai, Malaysia and Delhi . Its place of supply will be Dubai
   • 8. The amount available in Electronic Credit ledger may be used for making payment towards tax,interest, penalty and fees
7. Q4 (b) Select the appropriate and rewrite the sentences. _ 7 marks
   • 1. When supplier is located in India and place of supply is outside of India it is
   • a) Intra State supply
   • b) Import Supply
   • c) Inter-state supply
   • d) Exempt Supply : 67506 Advanced Accounting, Corporate Accounting and Financial Management: Indirect Tax- Introduction of
   • 2. The balance of IGST credit after set off of IGST can be used towards the payment
   • 1. who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business is
   • a) Business person
   • d) Composite dealer
   • 2. Incase of mobile connection for telecommunication and internet services provided on prepaid basis through vouchers, the place of supply is
   • a) Location of Head of Telecom Company
   • b) Location of agent selling vouchers
   • c) Location of Branch Office of Telecom Company
   • d) Billing address of the recipient of services
   • 3. When location of supplier and place of supply is in same state, it is treated as
   • a) Intra State supply
   • b) Inter State supply
   • c) Exempt Supply
   • d) Export Supply
   • 4. The amount collected as tax shall be paid to the Government by the collector within after the end of month in which tax is collected
   • a) 20 days
   • b) 15 days
   • c) 10 days
   • d) 5 days
   • 5. Late fees for delay in issuing TDS certificate is maximum of
8. Q4 Write Short notes on the following: (any three) 15 marks
   • 1. Benefits of GST
   • 2. Persons liable for registration under GST
   • 3. Levy and Collection of IGST 4, Dual Model of GST

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