SSMRV College, Jayanagar 4th T-Block,

Bangalore
(IV Semester, M.Com Degree IInd Internal Test May 2017

Goods and Service Taxes

Time: 90 Minutes Max Marks: 40

PART- A
Answer any three. Each question carries 2 marks (3 X 2 = 6 marks)

1. What is excise Duty?

2. What are capital Goods?
3. Define Gross Turnover and taxable turnover in CST
4. What is CENVAT Credit?
Section- B
Answer any 2 of the following questions. Each question carries five marks (2X 5=10 Marks)

5. Write short notes on

a. Registration
b. Offences
c. Returns

Under Central Excise

6. Differentiate between Levy and Collection of Excise Duty?

7. From the following particulars, calculate the customs duty payable;
a. Assessable value of imported goods Rs 1,50,000
b. Basic customs duty payable @ 25%
c. The imported goods are also produced in India. But it is exempt form
excise duty.
8. Dhingra and Sons are liable to pay 16% excise duty on finished goods woth Rs
10,00,000 other details
a. Paid 10% excise duty on inputs worth 3,00,000
b. Paid Service Tax on Input services Rs 35,000
c. Paid Rs 25,000 as tax while purchasing capital goods

Calculate Net Tax Payable and CENVAT Credit Claimed

Section C
Answer any 2 of the following 3 questions carrying 12 marks each. (2 X 12= 24 Marks)

9. What are the advantage and Disadvantage of Proposed GST?

10. Compute customs duty payable from the following data
 Particulars Rs
Machinery imported US $ 10,000
Accessories compulsorily supplied $ 2,000
Air Freight $ 3,000
Insurance $500
Local agent commission 5000
Exchange Rate 60
Customs duty on Machine 10%
Customs duty on accessories 20%
Additional duty on Customs is 12% but effective rate by
notification is 8%
Additonal duty of customs u/s 3 (5) of 4%
customs Tariff Act is
Educational Cess 2% and 1%
11. Calculate the Assessable value and Excise Duty form the following

Gross Price 5,00,000

CST @ 2%
Freight 20,000
Outward Loading Charges 25,000
Advertisement Expenses 10,000
Publicity Expenses 15,000
Selling organization expenses 30,000
BED- 16% and SED 4%