Bachelor of Management Studies (B.M.S.) SEM VI 2019 20 Oct 2019-20 FINANCE INDIRECT TAXES Question Paper - Mumbai University | munotes

Questions asked in this paper

• 3) Figures to the right indicate full marks

1. Q1 A) Multiple Choice Question (Any 8 10) 8 marks
   • 1) GST is based on the principle of based consumption
   • 2) M/s Chetan of Gujarat supplies goods to M/s Iyer of Delhi, this will classify as
   • a) Intra state supply b) Export supply c) Inter state supply Deemed Supply
   • 3) Non Resident taxable person can file return in form
   • 5) The deductor has to deduct tax from deductee where the total value of supply under a contract
   • 6) Every operator who collect the amount of tax has to furnish the details of the same within after the end of the month
   • 7) The Input tax credit as per the return filed by registered person shall be credited to
   • 8) Interest @ is payable in case of excess claim of credit excess reduction of
   • 9) Electronic way bill is to be generated for a value of more than
   • 10) Chairperson of the GST Council is
   • a) Union Minister of state in charge of revenue
   • c) One elected person amongst the state finance minister
   • d) Minister in charge of finance or taxation
   • B) Match the following (Any 7 10) Not liable for registration Exempt Supply of Services Goods are assembled at site December GST is applicable on Person supplying goods wholly exempt from tax E-Commerce Operator Location of such Installation Services to Education Institution GST yet to be applicable Recipient of goods or services Special Category State 7
2. Q2 A) Find out the time of supply of goods in following independent cases as per the provisions of CGST Act, 2017. (08) Date of Removal Date of receipt of payment
3. Q2 B) Find the place of supply of goods and give explanation to your answer in following case:- between Delhi to Mumbai. The goods are loaded in the aircraft in Delhi 7 marks
   • (2) Mr. Raj of Pune places an order to Ramakant of Mumbai for delivery of certain goods. Mr Raj direct Mr. Ramakant to deliver the goods to Anand of Indore
   • (3) Prakash of Nashik, Maharashtra sells 5 Motar vehicle to Mr. Pankaj of Pune, Maharashtra for delivery at Mr. Pankaj place of Business in Pune
4. Q2 P) Determine Time of Supply of Services in following independent cases:- Date of Invoice no Service of payment 8 marks
5. Q2 Q)M/s AmolChemicals entered into a contract with M/s Simran Industries for supply of goods worth Rs.3,47,000. It was agreed that any additional expenses incurred to complete the sale will also be included in the contract value. M/s Simran Industries following expenses to complete the sale: M/s Simran Industries received subsidy of Rs.10,000 from the Sawant Manufacturer’s Calculate the value of supply. (07)
6. Q3 A) Mr.Arvind gives you following information of his transactions for November, 2017. Services by way of Public convenience such as provision 10,000 of facilities of washrooms As per provisions related to Goods and Services Tax, classify above items as taxable or nontaxable and calculate the value of taxable services, assuming that Goods and Services Tax is not included in above amounts, Applicable rate of GST was 18% 15 marks
7. Q3 B) M/s Anand and Company is carrying business in Nashik and they having PAN Number ZA1234A. The company started business on 18/01/2018. His turnover is as follows: Determine the day from which the company is liable. (15) Date State of Maharashtra Sales Mr. Govind Patil is a registered dealer in the state of Maharashtra under GST, provides the following information about his business for the month of November, 2017. Compute Net Tax Liability of Mr. Govind Patil for the Month of November, 2017 (15) Opening Balance in Electronic Credit Ledger as On 1.11.2017 90,000 | 90,000 | 90,000 Input Tax Credit available on Inward supplies during November 2017 |1,20,000 |1,20,000 Transactions During the month GST Rate Sold Goods to a Customer in Pune Sold Goods Customer in Shirdi Sold Goods to a Customer in Panvel Sold Goods to a Customer in Surat 6,00,000 Sold Goods to a Customer in Bangalore 10,50,000 Customer in Virar Sold Goods Customer in Rajasthan 3,75 000
8. Q4 P) M/s Robert Industries provides you with the following information for the month of December, 2017. Calculate aggregate turnover under GST. (08) Intra-State Goods Taxable @18% (inclusive of GST) 23,60,000 Intra-State Goods Taxable @5% (Inclusive of GST) 12,60,000 Intra-State Services Taxable @12% (Inclusive of GST) 5,60,000 Export of goods to U.K. 2,00,000 Export of goods to Kenya Value of inward supplies under RCM 2,00,000 Supply of Exempt Service 1,50,000 Supply of Exempt Goods 5,00,000 Virar, Andheri and Kalyan Is M/s Steve Archer Ltd is eligible for Composition levy in the Place Turnover Rs. in lakh Discuss composition schemes (08)
   • B) Explain the benefits of GST. 7
9. Q5 Write Short Note on: (Any 3) 15 marks
   • (1) Business and Consideration Under GST
   • (2) Composite and Mixed Supply
   • (3) Tax deducted at sources
   • (5) Credit Note

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