P-11-Set-2.pdf - INDIRECT TAXATION Paper-11 Syllabus-2016 Set-2 Answer of Postal test Paper Set-2 www.globalcma.in [email protected] Sol.1(A

P-11-Set-2.pdf - INDIRECT TAXATION Paper-11 Syllabus-2016...

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INDIRECT TAXATION Paper-11 [email protected] Answer of Postal test Paper Set-2 Syllabus-2016 Set-2
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INDIRECT TAXATION Sol.1 (A) MCQ (i) D (ii) A (iii) D (iv) C (v) A (vi) D (vii) B (B) Say Yes/No for the following questions: (i) No (ii) Yes (iii) No (iv) Yes (v) No (vi) No (C) Match the following: Column ‘A’ Column ‘B’ (i) CETA A. Year 1985 (ii) POT B. Point Of Taxation (iii) Valuation Audit C. Section 14A of Central Excise Act (iv) Form J D. Goods Sold to Foreign Mission Diplomatic (v) ST Extend to Whole India Except E. Jammu & Kashmir Sol. 2 (a) Cost of production is required to be computed as per CAS-4. Material cost is required to be exclusive of Cenvat credit available. Sr. No. Particulars Total Cost ( Rs. ) 1 Material Consumed (Net of Excise duty) (11,600 1,289) 10,311 2 Direct Wages and Salaries 8,400 3 Direct Expenses - 4 Works Overheads 6,200 5 Quality Control Cost 3,500 6 Research and Development Cost 2,400 7 Administrative Overheads 4,100 Less: Sale of Scrap (1,200) Cost of Production 33,711 Add: 10% Profit margin on cost of production (i.e. 33,711 × 10%) 3,371 Assessable Value as per Rule 8 of the Valuation Rules 37,082
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INDIRECT TAXATION Sol. 2(b) ACES homepage is an interface for users/ Assesses to access the Central Excise and Service Tax applications. The website also enables users to make online payment through e-Payment option, download the Returns offline utilities through Download option. The website also keeps track on latest updates of the ACES application and gives links to various other sites under CBEC. Automation of Central Excise and Service Tax (ACES) is also a valuable platform for a smooth and successful transition to the coming GST regime and it provides the bedrock for a modern e-governance- based indirect tax administration in India. Sol. 2(C) A security bond is a binding pledge to pay the government if you break the law or the conditions governing the employment of a helper. You need a bond for every helper you employ, unless she is Malaysian. Sol. 3(b) SSI exemption is available upto first clearances of Rs 150 lakhs. While calculating limit of Rs 150 lakhs, exports to countries other than Nepal and Bhutan, job work under notification No. 214/86-CE and supplies to EOU (deemed exports) are not required to be considered. However, supplies to Nepal and Bhutan are required to be considered. If these are excluded, the turnover of the assessee for purpose of calculation of limit of Rs 150 lakhs is Rs 160 lakhs [(= Rs400 Rs100 Rs 90 Rs50) lakhs]. Thus, the assessee can avail exemption of Rs 150 lakhs and will have to pay duty on Rs 10 lakhs. Sol. 4(a) SECTION 74. Drawback allowable on re-export of duty-paid goods. - (1) When any goods capable of being easily identified which have been imported into India and upon which any duty has been paid on importation, - (i) are entered for export and the proper officer makes an order permitting clearance and loading of the goods for exportation under section 51; or (ii) are to be exported as baggage and the owner of such baggage, for the purpose of clearing it, makes a
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