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Q1: Goods manufactured in SEZ are ___________ goods.
Q2: An Assessee can claim refund of Excise Duty within ___________ from relevant date in Form R.
Ans: One year
Q3: Landing charge is ___________ % of CIF value. It is a ___________ charge.
Ans: 1%. Statutory
Q4: In case import is through post, label/declaration on postal article in treated as ___________.
Q5: In case of Captive consumption, valuation is done on the basis of cost of production plus ___________. Cost of production is calculated as per ___________ of the Institute of Cost and Works Accountants of India.
Ans: 10%. CAS-4
Q6: Central Government can grant general or total exemption from Service Tax but it can not grant with ___________ effect.
Q7: RNR (Revenue Neutral Rate) is ___________ % for most of the commodities.
Q8: Appeal to commissioner (Appeals) should be filed within ___________ days from the order of Officer Lower in rank than commissioner.
Q9: Remand means sending the case back to ___________ authorities for decision.
State with reasons, whether the following statements are true or false.
Q1: Unbranded Software is service.
Q2: No anti-dumping duty is payable by EOUs under the Customs Act, 1962, even where the goods imported are used for manufacture of goods sold in India.
Q3: If goods are pilfered in port before clearance, customs duty is still payable by the importer.
Q4: Specific duty leviable under the Central Excise Act is based on the value of article/goods being assessed.
Q5: Insurance company which takes possession of damaged goods for which it has paid, sells the damaged goods. The insurance company is a dealer under the Central Sales Tax Act.
In each of the cases given below, one out of four alternatives is correct. Indicate the correct answer.
Q1: ALIANCE & CO. a dealer in Delhi dealing in consumer goods, had purchased goods of Rs. 2,16,000 (exclusive VAT) and after adding for expenses of Rs. 24,000 and of Profit Rs. 60,000 had sold out the same. If the rate of VAT on purchase and sales is 12.5% what would be the amount of tax payable (Net) under VAT?
(A) Rs. 10,500
(B) Rs. 9,000
(C) Rs. 3,000 [Ans]
(D) None of the above
Q2: MR. SMITH a consulting engineer, raised a bill of Rs. 2,48,175 (Including Service Tax) on his client for Consultancy Services rendered by him on January 15, 2012. If a partial payment of Rs. 1,93,025 is received by Mr. Smith on February 5, 2012, what would be the amount of Service Tax payable by him for the quarter ending March 31, 2012.
(A) Rs. 23,175 [Ans]
(B) Rs. 1,75,000
(C) Rs. 15,150
(D) Insufficient data
Q3: The selling price of VINTEX LTD. inclusive of basic Excise duty @ 8%, education cess @ 2%, SAHEC @ 1 % and CST @ 2% is Rs. 3,600. What would be the assessable value of the product per unit under the Central Excise Act?
(A) Rs. 3325.94
(B) Rs. 3260.87 [Ans]
(C) Rs. 3065.10
(D) None of (A), (B) & (C)
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