Attempt any five questions. (Not more than 50 words)
Q1.Explain meaning of Goods and Services Tax.
Q2.What are included in Consideration?
Q3.Mention the effective rates of GST regarding services.
Q4.In respect of which taxes ITC is allowed?
Q5.Discuss the provisions regarding place of keeping accounts under GST.
Q6.What is composition scheme?
Q7.When the supply of services is deemed as inter state supply
Q8.Mention the effective tax rates in case of integrated GST.
Q9.What is ‘Goods’ under Customs duty ?
Q10.Explain prohibited goods under Customs Duty Act.
Long Answer(15 Marks)
Q2.Explain reasons for adoption of GST.
What is Supply? Explain it’s scope.
Q3.Explain rules regarding determination of value of Supply.
Q4.Give particulars about accounts to keep by producers or sellers of Goods.
Explain the provisions of GST Act regarding Job work.
Q5.Describe features and scope of Integrated goods and Services taxes Act.
QUESTION: State computation-chart of taxable value of inter state goods supply.
Q6.Describe importance and demerits of Customs Duty.
Indo-Thai Machineries imported a machine in November 2018, from America at FOB Price of 20,000 dollars. Other details are as under –
i) Freight from America to Indian Port 1400 dollars.
ii) Insurance paid to insurer in India 920 dollars.
iii) Exchange rate as announced by Central board of excise and customs Rs.45 = 1dollar.
iv) Exchange rate as announced by RBI Rs. 44.5= 1 dollar.
v) Basic concessional rate of customs duty 7.5%
vi) GST payable @ 28% on similar machine manufactured in India.
Find out total Customs duty payable.