Final PN-19 Indirect Tax Laws & Practice Quiz 3

1. Compute value: Machinery imported from USA by air (FOB price)-

$8,000; Accessories compulsorily supplied along with the machinery $ 2,000; Air freight $2400; Insurance charges not available; Local agent’s commission to be paid in Indian Currency- `18,600; Exchange rate US $ 1 = ₹48:

2. From following data, find out the assessable value of imported goods: Cost of the machine at the factory of the exporting country- $ 5,000; Transport charges incurred by the exporter from his factory to the port for shipment- $ 250; Handling charges paid for loading the machine in the ship- $25; Buying commission paid by the importer- $25; Freight charges from exporting country to India (including handling charges $ 100)- $500. Exchange rate to be considered: 1 $ = ₹45.

3. Calculate Cost of transport/handling under Rule 10(2)(a) if FoB and insurance cost [total] is $5000:

4. Calculate Free on Board value from following: Ex-factory price of exporter- ₹10,000; Expenses upto loading of goods by foreign exporter- ₹12,000. Post importation cost- ₹8000:

5. Assessable value of goods is ₹5,00,000 (US $10,000 at ₹50 per US $) as per bill of entry for warehousing and BCD is 15%. The goods were cleared from warehouse on date when BCD is 10% and rate is? ₹60 per $. IGST & GST Cess is NIL and Social Welfare Surcharge is 10%. Total duty =

6. 1,00,000 MT goods are imported for ₹10 lakh but goods actually received are 95,000 MT. In this case, value of goods liable to duty is—

7. What action should be taken by an assessee to satisfy with anti-profiteering provision?

8. As per section 69(2) of CGST Act, 2017, where a person is arrested under sub-section (1) for an offence specified under sub- section (5) of section 132, the officer authorised to arrest the person shall inform such person of the grounds of arrest and produce him before a Magistrate within      hours:

9. Appeal before AAAR can be filed within how many days?

10. The Appellant Authority for Advance Ruling shall comprise of :

11. Every registered person whose aggregate turnover during a financial year exceeds 2 crore rupees shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in—

12. Late fee for annual return for a tax payer having an aggregate turnover up to ₹5 crore in the relevant financial year is:

13. Refunds would be allowed on a provisional basis in case of refund claims on account of zero-rated supplies of goods and/or services made by registered persons. At what percentage, would such provisional refunds be granted?

14. Refund shall not be paid to the applicant if the amount of refund is less than—

15. Refund application is to be filed before the expiry of                    from the relevant date.

16. Zero rated supply includes:

17. What shall be the validity of E-Way bill in case of vehicles other than over dimensional cargo?

18. E-Way bill generation facility of a person paying tax under regular scheme will be blocked if he has not furnished the returns for a consecutive period of?

19. The validity period of E-Way Bill is said to initiate when:

20. When an e-commerce operator is required to register under GST?

21. When should the e-commerce operator remit the amount of TCS to government and file the necessary returns with the government?

22. Every registered person required to deduct tax at source under section 51 shall furnish return, in         , for the month in which such deductions have been made within 10 days after the end of such month.

23. What is the due date for issue of TDS Certificate?

24. What is the due date for payment of TDS?

25. What is the rate of TDS?