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(Semester Scheme) (Fresh) (2014-15 and Onwards) COMMERCE (Paper - l!) 5.6 : Business Taxation - I (Elective Time : 3
Hours
201 4
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V Seniester B.Gom. Examination, November/December
- 365
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Max. Marks : 100
lnstruction: Answer should be written completety either in English or
g.
Kannada.
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SECTION _ A
Answer any 1 0 sub-questions. Each sub-question.carries two marks. Expand BCD and SAD.
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What is CST ?
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.-*State -.
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anYtwo features of CST.
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(2x10=20) rl
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.-: - c ----,-ffafigstarious kinds of customs duty. ij, I
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Excise Act.
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NCCD. {!N l and -,, I
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.-bl'Deline Broker as per Central ,fl --/
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h) What do you mean by zero rated sales ?
" i) tytion any four goods_Exenglecljlom
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registered dealer as per CST Act.
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VAT.-
romthe fol lowin g nformation calcu rate assessable val ue FOB = 8000 UK pounds BCD = 10"/o Exchange rate notified by CBE and C Rs.56 =-.1 pound Exchange rate announced by RBI Rs.55 = 1 pound i
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14C
.ff-Fromthe following information carcurate Total Excise duty payable MRP of a product Rebate allowed
=
Rs. 10,000
-
1C,/o
BED
=
10'/o P.T.O.
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SECTION _ B
2.
Explain the various types of central excise duty. the features of VAT.
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(8x4=$l)
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Answerany 4 questions of the following. Each question carries g marks.
J<]39
LId. ipported goods from USA at a cost of US Dollors 19,000 FoB. The other details are as follows.
a) Transit lnsurance 1,900 Dollor b) Commission to localagent Rs.5,g00 .
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c) Sea freight charges ' 5,500 Do[o r > d) Packing charges 4,300 Dollorts e) Design and development charges of 5,00d dollors were paid to consultancy
firm in USA. f) Rate of exchange notified by cBE and c Rs. 58 = 1 Dollor g) Rate of exchange announced by importer bank Rs. 59 1 Dollor = Comoute Assessable value of the imported goods.
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following calculate taxable turnover and CST payable of a deater under
ed
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i) Gross turnoverT 15,00,000 __ ii) Exports to USht 6,00,000 iii) Freight (9[own ggparatelyg$g ,0OO --.iv) Cash discountt 20,000
v)
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Installation charges (shown separately)t 50,000 vi) Gogdieturn wjQlnji* months{?Q,OOO vii) CST is Z/o inctlded in GTO viii) Trade discountt t,O0,0Ob
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uffilL?ln"assessablevalueforthepurpoSeofExcisedutylromthefollowing cum. duty selling price incruding of sales tax at 3% is Bs. 2g,000. Rate of Excise duty is Freight Rs. 6,000 'lnsuranc_e on freight' K Rs. 1,000 I
nsurance (not showngnqra lely) \
_-,-
Rs.
500
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SECTION _ C
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Answerany threeof the following questions. Each question carries 16 marks. (16x3=z[8) Acompany imported a machine from USA of CIF price is 3,300 Dollors. From the
following information determine the assessable value and customs duty payable. Freight from America to lndian airport 330 Dollors
g.
i)
ii) lnsurance 75 Dollors
and development charges paid to consultancy firm in USA 1000 Dollors
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iii) Design
iv) The company also spent an amount of Rs. 6,600 in lndia for installation qf ',1 ,i ,A:; :,-"" ",l i' :r- nO+ rirrTtfi;ffi
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MaChine.
vii) Special CVD 4%
ed ia
viii) Education cess 3%
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vi) BCD payable is 13%
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----v) Exchange rate as notified by CBE and C is Rs.5B.5O = 1 Dollor
ix) CVD payable 10%
B. From the following information furnished by a dealer
in Tamil Nadu. Compute the
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amount of Tax payable under CST Act. The sales tax rate is 14/".
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Particulars t
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Gross turnover
lnter State sale lnter State sale with form 'C' (t) without form 'C' (9
16,00,000
7,00,000
124 \- I Gross sales including the following
('\ (
I
Packing charges
3,500
1,500
Design charges
1,500
800
800
300
rtuo" discount Exports
2,40,000
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Ex6ise
duty
Goods worth
13,000
1,200
5,100 1,600
j,so,ooo
B,0OO
1,500
5o,ooo T 70,00Qwere sold within the State (included in GTO 7,00,000)
Items
No. of units
A
3000
B
6000
C
400
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The following goods are manufactured and sold by Mr. Narayana.
sold
Rate per unit 1B
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9.
7OO
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(shown separatety) 2,000 fdOht ' Freight (not shown separately) 18,000 returned within 3 months 1,500 4!!s expenses (shown separately) 5,600 )dlallalion rejected within B months 3,000 -.6ods Sale outside States 9,000 Commissio! toriOOitionalsales 8,500
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704 The other information are
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a) All goods are given 1B% rebate b) company purchased inputs of { i,70,000 and paid tax @ 1z%.
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c) All goods are levied with 16% BED d) company purchased Machinery of { 5,00,000
ed
Calculate net excise duty
payable.
'
on which tax paid was{ 25,000
10' From the following information compute taxable turnover of a dealer of Bangalore under VAT.
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Rate of VAT is 12.5"/" Gross turnover Sale of students note book in Karnataka in course of Exports Sale of shares and debentures y Goods returned within 3 months \' *Aale in Trade discount Cash discount
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);6le against'C'forn: .-Fr,Sale in Keraia
23,00,000 { 50,000 t 8,00,000 { 3,00,000 T 75,000 T 50,000 { 1,00,000 t 40,000 { 2,00,000
T
-
T10,000
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16,00,000
7,00,000
3,500
1,500
1,500
800
800
300
:
2,40,000
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o
erodduou,
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2,000
700
19,000
13,000
1,500
1,200
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1,50,000
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{ 8,oo,ooo { 3,00,000 75,000 { 50,000 1,00,000 t 40,000 2,00,000
T
{ {
t 10,000
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